PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 16.Apr.2025) — Italy’s Eni SpA, which continues to operate the Cardón IV joint venture with Spain’s Repsol SA, said its credit exposure to Petróleos de Venezuela SA (PDVSA) was approximately €2.1bn (€0.8bn net of the impairment provision) at year-end 2024.
Eni and Repsol each hold a 50% working interest in Cardón IV. The 2 European companies discovered the Perla field, which is part of Cardón IV, located in shallow waters in the Gulf of Venezuela, in 2019.
