Aug. 2012 - Petroleos de Venezuela expects to reach its goal of producing about 300 MMcf/d of natural gas at its Perla field by 4Q 2013. Dow Jones reported that PdVSA had pushed back the estimated start of production at Perla to the first quarter of 2013 from its earlier estimate of the end of this year. It didn't cite a reason for the delay.

Feb. 2012 - Repsol has drilled five gas wells and plans to place each in production using offshore platforms and underwater connections, which will carry the gas onshore. The gas will be processed and sent through the Venezuelan distribution network. Repsol will develop the project in phases, with the first phase entailing an estimated investment of $1.5 billion, including the exploration and evaluation phase in which 300 MMcf/d of gas is expected to be produced. In the next two phases, production is set to rise fourfold to 1.2 Bcf/d, which will be maintained until the end of the contract in 2036.

Feb. 2011 - Eni continues its success in the Cardon IV Block with its Perla-4 appraisal well, located in the shallow water of the Gulf of Venezuela. This well upgrades the estimate of gas in place of the Perla field to more than 16 Tcf or 2.9 billion barrels of oil equivalents. The Offshore Vigilant jackup drilled the Perla-4 well in a water depth of 197 feet (60 meters), and during the production test, the well flowed 17 MMcf/d of natural gas and 560 barrels of condensate per day. Eni and partners have finalized the FEED for an early production phase of 300 MMcf/d of natural gas, targeted for start-up in 2013. The early production phase includes the utilization of several drilled wells and the installation of four light offshore platforms linked, through a gas pipeline, to a Central Processing Facility (CPF) located onshore. The development of Perla will then continue with the full field phase which includes additional production wells and the CPF upgraded to reach a plateau production of 1,200 MMcf/d of natural gas, stated the operator. The Perla field is located in 197 feet (60 meters) of water. Repsol, operator, holds 50%; Eni holds the remaining 50% interest.

Nov. 2010 - Cardon IV, a joint venture company owned by Eni Venezuela and Repsol YPF Venezuela Gas, have successfully appraised its Perla-3 well, confirming it as a major gas discovery estimated to hold more than 14 Tcf of natural gas (2.5 billion barrels of oil equivalent). During a production test, the well flowed more than 68 MMcf/d of natural gas and 1,350 barrels of condensate per day. The operator plans to drill another well, Perla-4, to target additional potential reserves in the untested northern sector of the structure. Eni and partners are evaluating options for a fast-track development through an early production phase of 300 MMcf/d, targeted to start in mid-2013. The early production phase could be developed by offshore platforms linked through a gas pipeline to a central processing facility located onshore. The Perla field is located in the Cardon IV Block in the shallow waters of the Gulf of Venezuela. Repsol, operator, holds 50%; Eni holds the remaining 50% interest.

Oct. 2010 - Cardon IV, a joint venture company owned by Eni Venezuela and Repsol YPF Venezuela Gas, awarded Foster Wheeler a pre-front-end engineering design and a front-end engineering design contract for new production facilities at the Perla field. The new production facilities compromise offshore structures; trees; controls; offshore processing; subsea flowlines; export flowlines; the shore approach and utility facilities from the wellheads to an onshore gas plant; and tie-ins to an existing gas and condensate pipeline system. Production is expected to commence in 2013. The Perla field is located in the Cardon IV Block in the shallow waters of the Gulf of Venezuela. Repsol, operator, holds 50%; Eni holds the remaining 50% interest.

Apr. 2010 - Eni reports the Perla find is a world-class gas discovery, one of the most significant finds in recent years, and the largest ever in Venezuela. Drilled in 197 feet (60 meters) of water by the ENSCO 68 jackup, the Perla-2 well encountered 840 feet (260 meters) of net pay in carbonate sequence and confirmed by 700 feet (210 meters) of bottom hole recovered cores. During a production test, the well flowed at a rate of 50 MMcf/d of gas and 1,500 bopd of condensate, and production per well should increase to more than 70 MMcf/d and 2,000 bopd of condensate. Perla has exceeded pre-drill expectations, thus increasing initial resource estimates by 30%, with the potential for further improvement. Eni and Repsol have evaluated options for a fast-track development through an early production test expected to commence in early-mid 2013 with 300 MMcf/d. The Perla field is located in Cardon IV Block in the shallow waters of the Gulf of Venezuela. Repsol, operator, holds 50%; Eni holds the remaining 50% interest.

Oct. 2009 - Eni, in partnership with Repsol, confirmed that its world class gas discovery at the Perla field offshore Venezuela, contains a reserve potential of more than 6 Tcf. The giant Perla discovery is located on the Cardon IV Block in the Gulf of Venezuela. In order to further define the field, further appraisal wells will be required. The Pearl-1 well, 31 miles (50 kilometers) from the coast, was drilled by the ENSCO 98, a 250 ft. IC jackup, and encountered a hydrocarbon column of 775 feet (240 meters). During the production test, the well produced high quality gas with a capacity of 600,000 cubic meters per day (approximately 3,700 boed) and 500 barrels of condensate per day. Normalized gas production per well is expected to increase to over 1 million cubic meters per day (6,000 boed). The results of the well exceeded pre-drill expectations, making Perla the largest gas discovery in Venezuela and, potentially, one of the world's largest natural-gas discoveries in recent years.

Sep. 2009 - Repsol made a giant gas discovery in shallow waters of the Gulf of Venezuela that may hold reserves equal to more than five years of gas consumption in Spain. Repsol estimates the offshore Perla 1 well could hold between 7 to 8 Tcf, representing one of the largest discoveries in the world and the largest on record for Repsol. The offshore field is 197 feet (60 meters) deep and could have a surface of 33 square kilometers, Repsol said in a press release.