The Spanish energy company Repsol plans to receive four ships with crude oil from Venezuela in the remainder of the year, of which one will serve to finance 10% of the increase in gas production and three to monetize current production.
They will join the first ship that arrived in Spain last May as payment for the gas that Repsol produces in the Cardón IV asset – operated jointly with the Italian ENI and which serves to supply the electricity generation plants of the South American country – the company reported this Thursday in the note of its semi-annual results.
Until June, production in Venezuela has remained in line with that recorded in the same period of 2025, and neither the assets nor the employees of the Spanish energy company have been affected by the earthquake that devastated the country and which led the company to mobilize planes and manage containers with help.
Asset exhibition and provisions
According to the annex to the financial report sent to the market, Repsol’s total equity exposure in Venezuela amounts to 361 million euros at the end of this June -compared to 276 million as of December 31, 2025-, and includes accounts receivable with the state company Petróleos de Venezuela (Pdvsa).
In total, as debt pending collection (including default interest, fully provisioned), there are commercial accounts with PDVSA for 4,080 million euros (provisions are 3,295 million) and financing granted for an amount of 1,036 million (provisions of 622 million), reported EFE.
Within the framework of the general license issued by the US administration, Repsol signed three agreements in the semester with the Venezuelan government and PDVSA to increase the production of natural gas and oil.
The first to reinforce the long-term stability of gas production at Cardón IV and define payment mechanisms, including the progressive allocation of crude oil shipments, and the second allows Repsol to regain control of operations at the Petroquiriquire assetincrease its oil production in the country and guarantee payment mechanisms.
The third agreement will allow the evaluation of the possibility of developing the Horcón area, located southeast of Lake Maracaibo, and the intention to advance the analysis of gas opportunities on the coast is expressed.
Maintains risk scenarios
The document recalls the shipment already received by Repsol in Spain, which gave rise to effective collections and the corresponding reduction of the credit risk associated with the recent billing. However, regulatory restrictions and uncertainty in the geopolitical environment continue.
Therefore, The Spanish energy company decided not to modify the risk scenarios planned at the end of last year, given that “instability and uncertainty remain in the country.”
Given this context, Repsol “closely follows” the political and institutional evolution of Venezuela, maintaining direct contact with the US and Venezuelan administrations, to adapt the scope of its authorized activities to the country’s energy development and respecting international sanctions regulations.
