Repsol to increase its oil production in Venezuela

20 Apr Repsol to increase its oil production in Venezuela

(Oilandgaspress) -– Repsol has signed an agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned company Petróleos de Venezuela (PDVSA), subject to conditions being met, that will allow it to increase production of oil at Petroquiriquire (60% PDVSA, 40% Repsol), ensure payment mechanisms, and strengthen the operational framework for its activities in the country, under the Framework Agreement originally signed in 2023.

“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 Repsol’s Executive Managing Director of Exploration and Production, Francisco Gea, after the signing of the contract.

The Framework Agreement establishes the necessary conditions to advance in the fulfillment of the production goals established by the partners, subject to PDVSA’s scheduling of heavy crude cargoes equivalent to Petroquiriquire’s production. The project will be developed under the joint leadership of Repsol and PDVSA and in accordance with the highest technical, operational, and governance standards. Repsol will contribute its technical expertise and its logistical and commercial capabilities, deepening its long-term commitment to the development of Venezuela’s energy potential.

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