Fossil Energy – Venezuela
Repsol has signed an agreement with the Venezuelan government and the state-owned oil company PDVSA, taking control of a production asset in the South American country and paving the way for increased output.
This is another significant development for an international oil company operating in Venezuela since the US-led removal of former president Nicolás Maduro in January, and follows Chevron’s decision earlier this week to swap assets as part of a strategic consolidation in the country.
On Thursday, Repsol announced that it would resume operations at the Petroquiriquire joint venture with PDVSA, in accordance with the original 2023 framework agreement.
‘This agreement underscores Repsol’s commitment to Venezuela, where we have operated without interruption since 1993. We have the assets, technical expertise, operational capabilities, and personnel on the ground to increase our production in the country,” said Francisco Gea, Repsol’s executive managing director of exploration and production.
Repsol currently produces around 45,000 barrels of oil per day in Venezuela, mainly from Petroquiriquire.
The company intends to increase output by 50% within 12 months and triple it within three years, provided that the necessary conditions in Venezuela remain in place.
