Repsol Signs Agreement With Venezuelan Government to Increase Oil Production
By Nina Kienle
Repsol said it signed an agreement with the Venezuelan government and state-owned company Petroleos de Venezuela to reassume operational control at the Petroquiriquire oil asset and increase its oil production in the country.
"The agreement falls within the scope of the general license issued by the U.S. administration," Repsol said.
The Spanish energy company on Thursday said it aims to increase gross oil production in Venezuela by 50% within 12 months and triple it in the next three years. This is as long as the necessary conditions remain in place, it said.
Repsol's gross production of oil in Venezuela currently amounts to around 45,000 barrels a day, it added.
The agreement also looks to guarantee payment mechanisms, Repsol said.
Last month, Repsol and Eni signed another strategic agreement with the Venezuelan authorities to ensure the continuity of natural gas production throughout 2026, it added.
Write to Nina Kienle at nina.kienle@wsj.com
(END) Dow Jones Newswires
April 16, 2026 04:09 ET (08:09 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.The articles, information, and content displayed on this webpage may include materials prepared and provided by third parties. Such third-party content is offered for informational purposes only and is not endorsed, reviewed, or verified by Morningstar.
Morningstar makes no representations or warranties regarding the accuracy, completeness, timeliness, or reliability of any third-party content displayed on this site. The views and opinions expressed in third-party content are those of the respective authors and do not necessarily reflect the views of Morningstar, its affiliates, or employees.
Morningstar is not responsible for any errors, omissions, or delays in this content, nor for any actions taken in reliance thereon. Users are advised to exercise their own judgment and seek independent financial advice before making any decisions based on such content. The third-party providers of this content are not affiliated with Morningstar, and their inclusion on this site does not imply any form of partnership, agency, or endorsement.
Popular
4 Stocks to Buy Before They Rise Further
2 Undervalued Stocks to Buy Before They Rebound
The 10 Best Dividend Stocks
12 Best Blue-Chip Stocks to Buy for the Long Term
United States