Eni, Repsol To Invest Up To $1B In Venezuelan Oil Field

Law360, New York (June 4, 2014, 6:50 PM EDT) -- Italian energy firm Eni SpA and Spanish oil and gas giant Repsol SA will invest up to $500 million each to develop the Perla oil field in Venezuela, which is considered one of the largest discoveries of the decade, Eni said Wednesday.

Eni, Repsol and Venezuelan state-run oil and gas company Petroleos de Venezuela SA, or PDVSA, signed strategic agreements in Caracas laying out the European energy companies' investment in a new company that will be created with the aim of tapping into Perla's massive oil reserves, Eni said in a statement.

The companies signed off on a memorandum of understanding...

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