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Spanish energy company Repsol has reached an agreement with Venezuela’s government and PDVSA to regain operational control of its oil assets and aims to sharply increase production over the next three years.
Repsol confirmed it is regaining operational control of its Venezuelan oil assets after reaching a deal with the country’s government and state oil company Petróleos de Venezuela (PDVSA). The agreement includes a mechanism to secure payments through oil shipments and could allow Repsol to significantly expand output, including plans to triple production within three years.
"This agreement underscores Repsol's commitment to Venezuela, where we have operated without interruption since 1993," said Repsol’s Executive Managing Director of Exploration and Production, Francisco Gea, after signing the contract. "We have the assets and the technical, operational, and human capacities on the ground to increase our production in the country."
The deal marks a significant turnaround for Repsol after years of operational constraints linked to U.S. sanctions on Venezuela’s energy sector. The new framework is expected to help Repsol avoid defaults experienced in the past and operate with greater financial security alongside PDVSA.
While the agreement does not include a specific commitment to settle the nearly $4.55 billion (€3.86 billion) Repsol claims it is owed by Caracas for previous gas and crude supplies, it does aim to guarantee payment for future production.
The agreement comes after the January capture of Nicolás Maduro and amid U.S. efforts to revive Venezuela’s oil industry to boost global crude supply, pressured by the conflict in the Middle East. Since then, the U.S. has eased some sanctions through licensing arrangements issued by the Treasury’s Office of Foreign Assets Control (OFAC), allowing selected international companies to resume or expand operations in Venezuela.
Earlier this week, the Spanish State Department announced the suspension of sanctions on Venezuela’s Central Bank, facilitating Repsol’s payments and collections in the country.
In February, the Trump administration authorized Repsol and four other companies—Shell, BP, Eni, and Chevron—to operate oil and gas projects in Venezuela. Four of these companies are European, reflecting Europe’s interest in regaining a presence in the country with the world’s largest crude reserves.
Repsol owns 40% of Petroquiriquire, a Venezuelan upstream oil and gas joint venture producing about 45,000 barrels per day. The company plans to increase production by 50% in the first year and triple it by the third year, "as long as the necessary conditions remain in place and using the proceeds generated in the country," according to Repsol’s statement.
The current political scenario under interim president Delcy Rodríguez has been accompanied by legal reforms that reduce state control and ease the tax burden to attract foreign investment and revive Venezuela’s strategic but deeply deteriorated oil sector.
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