Petróleos de Venezuela (PDVSA) and Spain’s Repsol have signed a new agreement aimed at increasing crude oil and natural‑gas output in north‑western Venezuela.
The deal targets higher production from the Petroquiriquire joint venture, which operates on the eastern shore of Lake Maracaibo, according to Reuters.
Signatories included Repsol CEO Joshua John Imaz, Venezuela’s interim president Delcy Rodríguez, hydrocarbons minister Paula Henao, PDVSA president Héctor Obregón, and Repsol’s exploration and production head Francisco Gea Pascual.
Obregón said the agreement opens new exploration opportunities at Petroquiriquire.
He estimated the planned increase could add roughly 20,000 barrels per day of light crude to the joint venture’s current average of about 40,000 bpd.
During a state‑television broadcast, Obregón explained that the additional crude will be directed to the Paraguana Refining Centre in Falcón state, supporting economic growth.
Repsol announced in April 2026 that it had reached an arrangement with the Venezuelan government and PDVSA to raise oil extraction at the Petroquiriquire asset.
PDVSA holds a 60 % stake in the Petroquiriquire JV, with Repsol owning the remaining 40 %.
Repsol’s total oil output in Venezuela is about 45,000 bpd, primarily from Petroquiriquire, and it plans to boost that volume by 50 % within a year and triple it within three years, contingent on certain conditions.
The updated framework agreement—originally signed in 2023 and amended in 2024—extends the concessions for the Petroquiriquire field and adds the Tomoporo and La Ceiba fields.
These contracts were executed after the U.S. Treasury’s Office of Foreign Assets Control issued General License No. 50A (GL 50A), which allows Repsol and its subsidiaries to conduct oil and gas transactions with the Venezuelan government, PDVSA, and related entities.
Following the political developments surrounding former President Nicolás Maduro in January 2026, the United States eased certain sanctions on Venezuela’s energy sector, granting general licences that enable international energy firms to operate in the country.
In March 2026, Repsol also signed a separate pact with Venezuelan officials to increase natural‑gas output at Cardón IV, a 50:50 joint venture with Eni.
