• The company has signed an agreement with the Venezuelan government and PDVSA that will allow it to regain control of operations at the Petroquiriquire oil asset, increase its oil production in the country, and guarantee payment mechanisms.
• The company is prepared to increase gross oil production in the country by 50% within 12 months and triple it in the next three years, if the necessary conditions continue to exist.
• This agreement falls within the framework of the general license issued by the US Administration and reaffirms Repsol's commitment to Venezuela.

Repsol has signed an agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned company Petróleos de Venezuela (PDVSA), subject to compliance with conditions, which will allow it to regain control of operations and increase oil production at Petroquiriquire (60% PDVSA and 40% Repsol), guarantee payment mechanisms and strengthen the operational framework of its activities in the country, under the Framework Agreement originally signed in 2023.

“This agreement underscores Repsol’s commitment to Venezuela, where 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,” said Francisco Gea, Director General of Exploration and Production at Repsol, after the signing of the contract.

The Framework Agreement established the necessary conditions to advance the production targets set by the partners, subject to PDVSA's scheduling of heavy crude oil shipments equivalent to Petroquiriquire's production. The project will be developed under the shared leadership of Repsol and PDVSA and in accordance with the highest technical, operational, and governance standards. Repsol will contribute its technical expertise and logistical and commercial capabilities, reinforcing its long-term commitment to developing Venezuela's energy potential.

The Framework Agreement, originally signed in 2023 and subsequently amended in 2024, provides for the mechanism to extend the duration of the Petroquiriquire field concessions and incorporates the Tomoporo and La Ceiba fields.

Repsol's oil production in Venezuela currently stands at around 45,000 gross barrels per day, primarily at Petroquiriquire. As announced by Repsol's CEO, Josu Jon Imaz, the company is prepared to increase gross oil production by 50% within 12 months and triple it in the next three years, provided the necessary conditions remain favorable and the revenue generated in the country is used.

Last month, Repsol and the Italian company ENI signed another strategic agreement with Venezuelan authorities and PDVSA to guarantee the sustainability of natural gas production throughout 2026 at the Cardón IV asset (50% owned by the two companies) and reinforce the long-term stability of operations.

The signing of these agreements follows the issuance of General License No. 50A (GL 50A) by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), which authorizes Repsol and its subsidiaries to participate in transactions related to oil and gas operations in Venezuela with the Venezuelan government, PDVSA, and its affiliated entities. GL 50A represents a regulatory milestone that recognizes Repsol’s track record as a responsible and reliable operator in the country.

KeyFacts Energy: Repsol Venezuela country profile   l   PDVSA Venezuela country profile