Repsol Signs Agreement With Venezuelan Government to Increase Oil Production

By Nina Kienle

Repsol said it signed an agreement with the Venezuelan government and state-owned company Petroleos de Venezuela to reassume operational control at the Petroquiriquire oil asset and increase its oil production in the country.

"The agreement falls within the scope of the general license issued by the U.S. administration," Repsol said.

The Spanish energy company on Thursday said it aims to increase gross oil production in Venezuela by 50% within 12 months and triple it in the next three years. This is as long as the necessary conditions remain in place, it said.

Repsol's gross production of oil in Venezuela currently amounts to around 45,000 barrels a day, it added.

The agreement also looks to guarantee payment mechanisms, Repsol said.

Last month, Repsol and Eni signed another strategic agreement with the Venezuelan authorities to ensure the continuity of natural gas production throughout 2026, it added.

Write to Nina Kienle at [e-mail]

(END) Dow Jones Newswires

04-16-26 0409ET