Repsol signs MoU to assess Horcón area in Venezuela
- Repsol signed an MoU with Venezuela's Ministry of Hydrocarbons and PDVSA to assess development of the Horcón area southeast of Lake Maracaibo.
- The parties expressed their intention to advance feasibility studies on Venezuelan offshore gas opportunities.
- The agreement was signed in Caracas and the meeting reviewed operational progress, committed investments, payment mechanisms and the planned crude cargo schedule.
- In March 2026 Repsol and Eni agreed with Venezuelan authorities to secure natural gas production during 2026 at the Cardón IV asset.
Deal and scope
Repsol signed a memorandum of understanding with Venezuela's Ministry of Hydrocarbons and state oil company PDVSA to assess the potential development of the Horcón area, located southeast of Lake Maracaibo.
Location and related assets
Horcón sits between the Barúa and Motatán fields, which are already part of Repsol's Venezuelan portfolio alongside the oil-producing fields Petroquiriquire and Petrocarabobo and the Cardón IV gas asset.
Operational and financial matters
The Caracas meeting, attended by Repsol CEO Josu Jon Imaz and executives and Venezuelan officials, reviewed operational progress, investments committed to sustain and grow activity, payment mechanisms tied to existing agreements and the planned crude cargo schedule for the coming months.
Offshore gas and recent agreements
The parties also expressed intent to deepen studies and data on offshore gas reservoirs. In March 2026 Repsol and Eni signed a strategic agreement with Venezuelan authorities and PDVSA to ensure 2026 production at the 50/50 Cardón IV asset, and in mid‑April Repsol signed a conditional agreement to regain operational control and increase oil production at Petroquiriquire.
Source: Repsol