Spain’s Repsol Locks in Venezuela Oil Control in Major PDVSA Deal
Under the agreement, Repsol will resume direct management of Petroquiriquire — a joint venture co-owned by PDVSA and Repsol — while simultaneously expanding output and establishing new payment mechanisms. The company is targeting a 50% production increase within 12 months and is eyeing a potential tripling of output over the following three years, contingent on favorable operating conditions.
Repsol currently extracts approximately 45,000 barrels of oil per day across its Venezuelan operations.
"This agreement underlines Repsol's commitment to Venezuela, where we have operated continuously since 1993," said Francisco Gea, the company's director general for exploration and production.
The deal arrives on the heels of a separate agreement signed last month between Repsol and Italy's Eni to sustain natural gas output at the Cardon IV project through 2026 — part of a broader reengagement with Venezuela's energy sector made possible by a newly issued U.S. license authorizing oil and gas transactions with Venezuela and PDVSA.
That regulatory green light reflects a wider policy shift under President Donald Trump, who pledged to revive Venezuela's oil industry following the capture of former President Nicolas Maduro.
The task ahead is formidable. Decades of sanctions and chronic underinvestment have gutted the country's energy infrastructure, with current production languishing at roughly 800,000 barrels per day — a fraction of its historic peak of more than 3 million. Industry analysts estimate that restoring the sector to its former capacity would demand tens of billions of dollars in sustained investment over the next decade.
Adding to the complexity, Venezuela's crude is predominantly extra-heavy — requiring specialized refining capabilities that only a handful of global operators, Repsol among them, are technically equipped to handle.
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