Spain's Repsol Regains Control of Venezuelan Oil Assets, Plans 50% Production Increase Within 12 Months

Gate News message, April 16 — Spanish energy giant Repsol announced it has reached an agreement with the Venezuelan government to regain control of its oil assets in the country and plans to significantly increase production over the coming years. The move follows the U.S. government's unilateral revocation of operating licenses for foreign energy companies including Repsol in Venezuela during 2025, which had severely reduced Repsol's operations there.

Under the new agreement with Venezuela, Repsol will resume operational control of Petrozuata, the joint venture it operates with Petróleos de Venezuela S.A. (PDVSA), which develops and operates oil fields in eastern Venezuela. PDVSA holds a 60% stake in the partnership. Repsol stated it plans to increase its total oil production in Venezuela by 50% within 12 months; if necessary conditions are met, production could potentially double within three years. The company's current daily output in the country stands at approximately 45,000 barrels.

The agreement marks a significant recovery for Repsol's Venezuelan operations after the 2025 U.S. sanctions disrupted its presence in one of the world's largest oil-producing nations.