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(Corrects to clarify Perla is gas field, not oil field)
MILAN, June 4 (Reuters) - Italy's energy group Eni said on Wednesday it had agreed to help develop the Perla gas field in Venezuela, one of the largest discoveries of the decade, and committed to invest up to $500 million into the project.
A new company will be created to develop and produce Perla's condensate reserves. The company will be 60 percent-owned by CVP, an affiliate of Venezuela's state oil company PDVSA. Eni and Repsol will each hold a 20 percent stake.
Eni and Repsol will each contribute up to $500 million to finance the project.
Final contracts still have to be signed. The agreements are subject to approval by local authorities.
Production from the Perla field is expected to start by the end of this year, Eni said. (Reporting by Agnieszka Flak; Editing by Lisa Jucca and David Evans)