- Repsol and PDVSA (60% PDVSA, 40% Repsol) agreed with Venezuela to resume operations and reinstate Repsol's operational control at the Petroquiriquire oil field.
- Repsol's current gross Venezuelan production is about 45,000 bpd and it aims to raise output 50% within 12 months and triple it within three years, conditional on PDVSA scheduling equivalent heavy crude cargoes.
- OFAC General License 50A authorizes Repsol and its subsidiaries to conduct oil and gas transactions with the Venezuelan government, PDVSA and affiliated entities.
- Repsol and Eni reached an agreement to ensure continuity of natural gas production at the 50/50 Cardón IV asset through 2026.
Agreement scope
Repsol and the Venezuelan Ministry of Hydrocarbons and state oil company PDVSA signed a conditional agreement to reassume operational control of the Petroquiriquire asset (PDVSA 60%, Repsol 40%), reinforce payment mechanisms and strengthen the operational framework under the Framework Agreement first signed in 2023 and amended in 2024, with the project to be developed under joint leadership of Repsol and PDVSA.
Production targets
Gross production in Venezuela is currently about 45,000 barrels per day (mainly Petroquiriquire); Repsol aims to increase output by 50% within 12 months and to triple it within three years, conditional on the necessary conditions remaining in place and on PDVSA scheduling heavy crude cargoes equivalent to Petroquiriquire’s production, with proceeds used in-country.
Regulatory and related arrangements
The agreement follows OFAC General License 50A, which authorizes Repsol and its subsidiaries to engage in oil and gas transactions with the Venezuelan government, PDVSA and affiliated entities; separately, Repsol and Eni signed an agreement with Venezuelan authorities to ensure natural gas production continuity at the 50/50 Cardón IV asset through 2026.
