Repsol and PDVSA sign new oil and gas investment deal through 2050

Repsol and Petróleos de Venezuela (PDVSA) have formalized a new understanding for future investments in oil and natural gas, extending their long-standing collaboration. The memorandum of understanding, signed at the Miraflores presidential palace, was overseen by Venezuela's acting president, Delcy Rodríguez. While specific details of the agreement remain undisclosed, Rodríguez indicated that the partnership aims for an energy agenda stretching to 2050. This move signifies a deepening of the strategic relationship between the Spanish energy giant and the Venezuelan state oil company, which has spanned three decades. Repsol's CEO, Josu Jon Imaz, highlighted the company's consistent strategic value in Venezuela. This renewed commitment follows Repsol's April announcement of plans to potentially double its oil production in the country. The company is also a partner with Italy's ENI in the Perla IV natural gas field. Crucially, both Repsol and ENI secured permits from the U.S. Treasury Department, allowing them to resume operations and pursue new investments in Venezuela amidst ongoing U.S. sanctions.