Repsol continues to advance hydrocarbon project potential in Venezuela
Key Highlights
- Repsol signed an MoU for potential development of a new area southeast of Lake Maracaibo.
- The MoU also includes an analysis of offshore gas opportunities.
Repsol signed a memorandum of understanding (MoU) with Venezuela's Ministry of Hydrocarbons and state-owned oil company Petróleos de Venezuela (PDVSA) to assess the potential development of Horcón, an area southeast of Lake Maracaibo.
Horcón lies between Barúa and Motatán fields, which are already part of Repsol's portfolio of assets in Venezuela, together with the oil-producing fields of Petroquiriquire and Petrocarabobo, and the Cardón IV gas asset.
Through this agreement, the parties also expressed intent to advance analysis of offshore gas opportunities, with the aim of deepening studies and data on gas reservoirs offshore Venezuela.
In March 2026, Repsol and Eni signed a strategic agreement with Venezuelan authorities and PDVSA for natural gas production at the 50-50-owned Cardón IV asset and to strengthen the long-term stability of operations.
In mid-April, Repsol signed another agreement with Venezuela’s Ministry of Hydrocarbons and PDVSA, subject to the fulfillment of conditions, which allows it to regain operational control and increase oil production at Petroquiriquire (60% PDVSA, 40% Repsol). The agreement also seeks to ensure payment mechanisms and strengthen the operational framework of its activities in the country, under the framework agreement originally signed in 2023.
