The Spanish energy company Repsol will take direct control of oil operations in Venezuela “in the next few days,” the company’s CEO, Josu Jon Imaz, announced this Monday, which will allow them to fulfill the commitment to triple their gross production in the Latin American country in the next three years.
Imaz, who participated in the ‘Wake Up, Spain!’ meeting, assured that “time has opened for a better Venezuela,” and insisted that the responsibility of the companies with a presence there is to increase production and generate more tax revenue so that the country “has resources for its development.”
Regarding the specific case of Repsol, the CEO of the Spanish multinational highlighted the “absolute support” received from the US Government and recalled that they already have “all the licenses” they needed to move “in that environment”; They can operate in dollars or hire American companies.
He also pointed out that Repsol recently signed a “relevant agreement” by which it will increase natural gas production in Venezuela and that guarantees 50% of electricity generation at a time when that country “needs electricity more than ever.”
By taking direct control of oil operations, it will allow them to fulfill their commitment to increase their gross production of this hydrocarbon in Venezuela by more than 50% in the short term and triple it in three years, as the company already announced after the publication of the 2025 annual accounts.
The US, a “very positive” environment to invest
Regarding the opportunities he sees in the American market, Repsol’s CEO explained that the company’s history in the US dates back more than two decades; It has oil and gas resources on American soil, but it also invests in renewables.
In his opinion, the United States is a “very positive environment to invest” from a regulatory and fiscal support point of view.
In the coming weeks, the energy company will launch the operation of the Pikka project, discovered by Repsol, and which “will change the history of oil in Alaska (where it is located) after many years of decline.”
The company is also one of the “large producers” of gas in the US, of which a “significant part” reaches Europe.
