Italy's Eni SpA is engaged in oil and gas exploration and production, gas marketing, management of gas infrastructure, power generation, petrochemicals, oil field services and engineering. Rome-based Eni was founded in 1953 and is active in 69 countries on five continents including Argentina, Ecuador, Mexico, Peru, Trinidad & Tobago, and Venezuela. In Venezuela, Eni holds 50% of Cardón IV S.A., a joint venture with Spain's Repsol, which began production at the Perla gas field in 2015. Cardón IV S.A. has a gas sales agreement with Venezuela's state PDVSA until 2036. Eni also has a 40% interest in the Junin 5 field in the country's Faja Orinoco oil belt. In Ecuador, the company has an exploration and production contract to operate Block 10 (Oriente Basin) until 2023. The firm also holds interests in blocks in the Gulf of Mexico, where it conducts exploration and production activities. In addition, Eni has a 30% majority interest in drilling company Saipem, a former subsidiary.