Repsol bets on Trump relationship to secure Venezuela future

Spanish energy giant Repsol is actively cultivating relationships with both the U.S. administration and Venezuelan authorities to solidify its presence and operations in Venezuela. The company is closely monitoring the country's political and institutional developments, aiming to navigate the complex landscape of U.S. sanctions while pursuing debt recovery and business expansion.

This strategy follows a period of significant shifts for Repsol in Venezuela. In March 2025, the U.S. revoked operating permits for several oil companies, only for the scenario to change again with the fall of Nicolás Maduro and the subsequent recovery of certain licenses. Repsol maintains direct communication with Washington and a close relationship with the Venezuelan government team, ensuring its activities align with current authorizations and international sanctions.

Financially, Repsol's Venezuelan operations present considerable challenges. As of June 2026, its equity exposure in the country reached 361 million euros, an increase from the previous year. Additionally, outstanding commercial accounts with PDVSA amount to 4.08 billion euros, with a significant portion provisioned. The company has also extended financing to Venezuela totaling 1.036 billion euros.

Despite these difficulties, Repsol has maintained stable production, averaging 71,400 barrels per day in the first half of 2026. The company has also secured three key agreements in 2026: one with Italy's Eni to boost gas production and reactivate joint projects, another with the Venezuelan Ministry of Hydrocarbons and PDVSA to regain operational control of Petroquiriquire, and an agreement to study the development of the Horcón area.