Repsol takes control of Petroquiriquire to triple its crude oil production in Venezuela

 

Repsol has signed an agreement with Ministerio de Hidrocarburos de Venezuela y PDVSA to regain operational control of the asset PetroquiriquireThe goal is to increase crude oil production by 50% in one year and triple it in three, under the license. GL 50A de EE.UU.

 

Operational strengthening and investment commitments

 

The new agreement, subject to the fulfillment of specific conditions, allows Repsol to regain control of operations in the joint venture Petroquiriquire (60% owned by PDVSA and 40% by the Spanish firm). This alliance seeks to guarantee effective payment mechanisms and strengthen the framework of its activities in the Latin American country, consolidating the Framework Agreement originally signed in 2023.

 

The Director General of Exploration and Production in Repsol, Francisco Gea, he emphasized after the signing: “This agreement underscores the commitment of Repsol with Venezuelawhere we have operated continuously since 1993. We have the assets and the technical, operational and human capabilities on the ground to increase our production in the country.”

 

Roadmap for production and new assets

 

The company's current strategy, led by its CEO Josu Jon ImazThe agreement aims to increase current gross production of 45.000 barrels per day through shared management and high governance standards. To achieve this, the agreement includes the expansion of concessions in the oil field. Petroquiriquire and the integration of the fields Tomoporo y La Ceiba.

 

The following details the projections and key data of the energy agreement:

 

Concept	Data / Objective
Current production	45.000 gross barrels/day
12-month objective	50% increase
3-year objective	Triple current production
Assets included	Petroquiriquire, Tomoporo y La Ceiba
Petroquiriquire Participation	60 % PDVSA / 40% Repsol

 

Regulatory framework and sustainability in natural gas

 

This international advance occurs in the context of the General License No. 50A (GL 50A) issued by the OFAC of the Departamento del Tesoro de Estados UnidosThis authorization allows Repsol and its subsidiaries operate with PDVSA and the local government in oil and gas transactions, recognizing its track record as a responsible operator.

 

Parallel, Repsol and Italian ENI They have sealed an additional strategic agreement to secure natural gas production until 2026 at the asset Cardón IVThis project, jointly owned by both multinationals, aims to strengthen long-term operational stability in the Venezuelan energy market.

 

• Shared leadership: Technical management under international governance standards.
• Logistical capabilities: Contribution of expertise commercial by the Spanish firm.
• Local investment: Use of income earned in the country to finance productive growth.

 

Key points and frequently asked questions about the Repsol-Venezuela agreement

 

What immediate impact will the agreement have on oil production?

A 50% increase in gross crude oil production is expected within 12 months, starting from the current 45.000 barrels per day, with the goal of tripling this figure in the next three years.

 

What new oil fields have been added to Repsol's management?

In addition to ensuring continuity in PetroquiriquireThe agreement expands the concessions and incorporates the development of the fields Tomoporo y La Ceiba.

 

Under what legal framework does Repsol operate after the international sanctions?

The activities are covered by the General License GL 50A from the OFAC (United States), which specifically authorizes the Spanish company to conduct energy transactions with the Venezuelan government and PDVSA.