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Repsol signs deal to explore Venezuelan oil field
🇵🇦 Panama /Energy & Infrastructure

Repsol signs deal to explore Venezuelan oil field

From TVN Panamá · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • Spanish energy company Repsol signed a deal to explore a light crude oil field in Venezuela.
  • The agreement aims to find new oil deposits in the country, which has the world's largest oil reserves.
  • Venezuela's interim president is seeking to boost oil production by attracting private investment after Washington eased sanctions.

Spanish energy giant Repsol has signed an agreement to explore a light crude oil field in Venezuela, signaling a renewed push to discover new reserves in the South American nation. The deal was announced Tuesday amid efforts by Venezuela's interim president, Delcy Rodríguez, to revitalize the country's crucial oil sector.

Rodríguez has been actively pursuing international investment, implementing a petroleum reform to reopen the industry to private companies. This move follows Washington's decision to ease sanctions on multinational corporations engaging with Venezuela's state-owned oil company, Petróleos de Venezuela (PDVSA).

In this opportunity, in addition to gas, we are aiming for growth in oil.

— Héctor Andrés ObregónPresident of the state-owned Petróleos de Venezuela (PDVSA), speaking during an official broadcast about the new oil exploration agreement.

Héctor Andrés Obregón, president of PDVSA, stated that the focus is now on expanding oil production, in addition to the existing gas output from projects like Cardón IV, which currently produces 580 million cubic feet of gas daily. "In this opportunity, in addition to gas, we are aiming for growth in oil," he said.

Repsol is committed to investing in Venezuela.

— Josu Jon ImazCEO of Repsol, commenting on the company's renewed commitment to the country.

The new exploration will take place in a field on the eastern coast of Lake Maracaibo, a region historically central to Venezuela's oil industry. "Repsol is committed to investing in Venezuela," said Josu Jon Imaz, CEO of Repsol, emphasizing the company's long-standing presence. Rodríguez described Repsol as a "committed partner," even during difficult times, and assured them of "open doors in Venezuela to continue expanding their investments, which are guaranteed with new regulations."

Venezuela, possessing the world's largest oil reserves, has seen its exploration of new fields largely halted for nearly a decade. The country's current production hovers around one million barrels per day, a significant drop from the over three million barrels produced nearly two decades ago. This agreement with Repsol follows a similar deal in April with energy giant BP for gas exploration.

They have the doors open in Venezuela to continue expanding their investments, which are guaranteed with new normativa.

— Delcy RodríguezInterim president of Venezuela, welcoming Repsol's commitment and assuring them of guaranteed investments under new regulations.
DistantNews Editorial

Originally published by TVN Panamá in Spanish. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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