Repsol has signed an agreement with the Venezuelan Ministry of Hydrocarbons and state-owned Petróleos de Venezuela (PDVSA) to increase oil production at the Petroquiriquire field, Repsol announced on Thursday.
The deal enables Repsol to resume operations at Petroquiriquire and secure the payment mechanisms under a framework established in 2023 and amended in 2024. The company aims to raise output by 50% within 12 months and triple production over the course of three years, subject to regulatory approvals and conditions that include the scheduling of crude cargoes equivalent to the field’s production by PDVSA.
“This agreement underscores Repsol’s commitment to Venezuela, where we have operated without interruption since 1993. We have the assets and the technical, operational and human capacities on the ground to increase our production in the country,” said Francisco Gea, executive managing director of exploration and production at Repsol.
Petroquiriquire is held by PDVSA and Repsol with 60% and 40% interest stakes, respectively.
The agreement follows the issuance of a US licence allowing the company to continue oil and gas operations in the country and builds on a recent gas deal with Eni to sustain production at the Cardón IV asset through 2026.
Repsol is a global multi-energy company with operations in upstream hydrocarbons, refining, petrochemicals and trading, as well as lower-carbon energies. In Venezuela, its activities are centred on oil and gas joint ventures with PDVSA.
