Spanish Repsol Regains Control over Oil Fields in Venezuela
Repsol has signed an agreement with the Government of Venezuela and the state-owned company Petróleos de Venezuela SA (PDVSA) to regain control over one of its production assets in the South American country, which will allow the Spanish company to increase output. This was reported by the Financial Times (FT).
Repsol, the largest European oil company in Venezuela, stated that it will resume operations of the joint venture Petroquiriquire with PDVSA under a framework agreement originally signed in 2023. Repsol holds 40% of Petroquiriquire, while PDVSA owns the remaining 60%. In 2024, amendments were made to the framework agreement, under which the Tomoporo and La Ceiba fields were also included in the project.
“This agreement confirms Repsol’s commitment to cooperation with Venezuela, where we have been operating without interruption since 1993. We have assets, as well as technical, production, and human resources to increase production in the country,” said F. Gea, Executive Director for Exploration and Production at Repsol.
Currently, Repsol produces around 45 thousand barrels per day of oil in Venezuela, mainly at the Petroquiriquire field. The company intends to increase production by 50% within 12 months and to triple it over the next three years, provided that all necessary conditions in the country are maintained.
The new agreement provides not only for a significant increase in production, but also for the introduction of a mechanism of guaranteed payments from the state. The company has been present in the country since 1993 and has previously adapted to the sanctions regime; however, in 2025, the administration of D. Trump revoked its licence to operate in the country.
The new arrangement does not предусматривает the return of the disputed 4.55 billion United States dollars, but is expected to reduce financial risks in the future.
It was previously reported that Chevron and PDVSA concluded an asset swap agreement aimed at optimising their portfolio and focusing on priority production projects in Venezuela. It should be noted that Chevron remains the only American oil and gas major operating in Venezuela. In the fourth quarter of 2025, the company exported about 0.14 million barrels per day of oil from Venezuela.
