Madrid/Caracas/Repsol has signed an agreement of intentions with the Ministry of Hydrocarbons of Venezuela and the state company Petróleos de Venezuela (Pdvsa) to analyze the possibility of exploring and developing Horcón, a new oil zone located southeast of Lake Maracaibo, Repsol has reported in a statement.
The agreement was signed this Tuesday by the CEO of Repsol, Josu Jon Imaz; the interim president of Venezuela, Delcy Rodríguez; the Minister of Hydrocarbons, Paula Henao; the president of PDVSA, Héctor Obregón, and the general director of Exploration and Production of Repsol, Francisco Gea Pascual.
The meeting, held at the Miraflores Palace, headquarters of the Venezuelan Executive in Caracas, also addressed “the operational progress of Repsol’s assets in Venezuela” and the payment mechanisms associated with current agreements.
Likewise, the Spanish energy company has stressed that the meeting also discussed the investments committed to guarantee the continuity and growth of the company’s activity, as well as the crude oil shipment plan planned for the coming months.
Repsol has claimed that with this agreement the company “reinforces its commitment to Venezuela, where it has operated uninterruptedly since 1993.”
Through this memorandum of understanding, the parties also express their intention to advance in the analysis of gas opportunities on the coast, in order to deepen the studies and data of the gas fields in the offshore Venezuelan.
Repsol has claimed that with this agreement the company “reinforces its commitment to Venezuela, where it has operated uninterruptedly since 1993.”
In fact, its signing occurs months after the CEO, Josu Jon Imaz, assured US President Donald Trump in the White House that Repsol was prepared to “invest heavily in Venezuela” and multiply its crude oil production in the Caribbean country by three, to approximately 135,000 barrels per day.
For his part, the president of Petróleos de Venezuela (Pdvsa), Héctor Obregón, has assured in a broadcast on the state channel Venezolana de Televisión (VTV) that the agreement is the “annexation of exploratory opportunities” to the joint venture Petroquiriquire to add barrels of light oil to Venezuelan production.
“Both Repsol and PDVSA (…) will now continue to explore other areas of cooperation to continue growing, which is what is important, the projection towards the future, we are talking about an energy agenda that is projected for 2050,” Rodríguez stressed.
Three months ago, Repsol and Eni already signed a strategic agreement with the Venezuelan authorities and PDVSA to guarantee the sustainability of natural gas production during 2026 in the Cardón IV asset, owned 50% by the two companies.
Likewise, in mid-April, Repsol signed another agreement with the Venezuelan Ministry of Hydrocarbons and with Pdvsa that allows it to regain control of operations and increase oil production at Petroquiriquire, owned 60% by Pdvsa and 40% by Repsol.
“The agreement also seeks to guarantee payment mechanisms and strengthen the operational framework of its activities in the country, under the framework agreement originally signed in 2023,” emphasizes the Spanish energy company.
