Repsol has regained control of its operations in Venezuela and has agreed conditions for further production
Repsol's Venezuelan production is currently around 45,000 barrels of crude oil, especially in the Petroquiriquire oil field. The company is prepared to increase gross oil production by 50% over a 12-month period.
Repsol campus.
Repsolhas signed an agreement with the Venezuelan Ministry of Hydrocarbons and the state oil and gas production and distribution company Petroleos de Venezuela (PDVSA) to comply with certain conditions that will allow it to resume control of operations and increase oil production , ensure payment mechanisms and strengthen the operational framework of its activities in the country under the framework agreement originally signed in 2023.
"This agreement strengthens Repsol's commitment to Venezuela, where we have been working continuously since 1993. To increaseour production we have local assets and technical, operational and human capabilities , "said Repsol'sDirector General of Exploration and Production, Francisco Gea , after signing the contract.
The Framework Agreement, originally signed in 2023 and subsequently amended in 2024, provides for a mechanism to increase the duration of concessions for the Petroquiriquire Petroleum Pit, and subsequently theareas Tomoporo and La Ceiba were added.
Repsol's oil production in Venezuela is currently around 45,000 barrels of crude oil , mainly at the Petroquiriquire site.
Repsol CEO JosuJon Imaz advanced that the company is prepared to increase gross oil production by 50% over a 12-month period and triple it over the next three years, provided that the necessary conditions are met and the revenues obtained in the country are used.
Last month, Repsol and the Italian company ENI signed a new strategic agreement with the Venezuelan authorities and the state company PDVSA to ensure the sustainability of natural gas production throughout 2026 in asset Cardon IV, in which both companies participate by 50%, and to strengthen the long-term stability of operations.
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