Repsol to increase oil production in Venezuela
Key Highlights
- Repsol signed an agreement with Venezuela and PDVSA to regain control of operations at the Petroquiriquire oil asset.
- The company is prepared to increase gross oil production in the country by 50% within 12 months.
Repsol signed an agreement with the Venezuelan Ministry of Hydrocarbons and with state-owned Petróleos de Venezuela (PDVSA) to regain control of operations and increase oil production at Petroquiriquire field under certain conditions.
The framework agreement established the necessary conditions to advance the production targets set by the partners, subject to PDVSA's scheduling of heavy crude oil shipments equivalent to Petroquiriquire's production, Repsol said.
The agreement, originally signed in 2023 and amended in 2024, "provides for the mechanism to extend the duration of the Petroquiriquire field concessions and incorporates Tomoporo and La Ceiba fields," Repsol continued. The Petroquiriquire concession is owned 60% by PDVSA and 40% by Repsol.
Repsol currently produces about 45,000 b/d of oil in Venezuela, primarily from Petroquiriquire. Josu Jon Imaz, the company's chief executive officer, previously said Repsol is prepared to increase gross oil production by 50% within 12 months and triple it in the next 3 years.
The latest development comes on the heels of a March agreement among Repsol, Italy's Eni SPA, and Venezuelan authorities to ensure sustainability of natural gas production throughout 2026 at the Cardón IV asset (Perla field) and reinforce the long-term stability of operations.