PDVSA and Repsol sign deal to boost oil and gas output in Venezuela

Petróleos de Venezuela (PDVSA) and Spain's Repsol person signed a caller statement that aims to summation crude lipid and state accumulation successful north-western Venezuela.

The woody focuses connected boosting output from the Petroquiriquire associated task (JV), which operates connected the eastbound enactment of Lake Maracaibo, reported Reuters.

The signing of the statement progressive Repsol CEO Josu Jon Imaz; Venezuela's Interim President Delcy Rodríguez; Minister of Hydrocarbons Paula Henao; PDVSA president Héctor Obregón; and Repsol's wide manager of exploration and production, Francisco Gea Pascual.

Obregón said that this latest statement introduces further "exploration opportunities" astatine Petroquiriquire.

He added that the planned summation could adhd astir 20,000 barrels per time (bpd) of airy crude to the JV's existent mean output of astir 40,000bpd.

During a broadcast ‌on ⁠state television, helium explained that the other crude is intended for the Paraguana Refining Centre successful Falcón authorities and is expected to assistance successful fuelling economical growth.

Repsol indicated successful April 2026 that it had reached an statement with the Venezuelan Government and PDVSA to summation lipid extraction astatine the Petroquiriquire asset.

PDVSA holds a 60% stock successful the Petroquiriquire JV, portion Repsol owns the remaining 40%.

Repsol's gross lipid accumulation successful Venezuela is astir 45,000bpd, chiefly from Petroquiriquire.

It is prepared to summation gross accumulation successful the state by 50% wrong a twelvemonth and to triple output wrong 3 years, taxable to definite conditions being met.

Under the updated model agreement, primitively signed successful 2023 and amended successful 2024, the concern extends the duration of the Petroquiriquire tract concessions and incorporates the Tomoporo and La Ceiba fields.

These agreements were signed aft the US Department of the Treasury's Office of Foreign Assets Control issued General License No. 50A (GL 50A).

This licence permits Repsol and its subsidiaries to transportation retired transactions involving lipid and state activities successful Venezuela with the Venezuelan Government, PDVSA and related entities.

Following the events involving erstwhile president Nicolas Maduro successful January 2026, the US relaxed definite sanctions connected Venezuela's vigor sector. These included granting wide licences that licence planetary vigor companies to undertake lipid and state operations successful the country.

In March 2026, Repsol entered into a abstracted statement with Venezuelan officials regarding earthy state output astatine Cardón IV, a 50:50 associated cognition betwixt the Spanish vigor institution and Eni.

"PDVSA and Repsol motion woody to boost lipid and state output successful Venezuela" was primitively created and published by Offshore Technology, a GlobalData owned brand.