Repsol Venezuela oil exploration plans moved forward on Tuesday after the Spanish energy company signed an agreement to explore a new light crude oil field in one of the country’s most important oil-producing regions, highlighting renewed foreign investment in Venezuela’s energy sector.
The agreement covers a light crude field located on the eastern shore of Lake Maracaibo in northwestern Venezuela. The area has long been one of the country’s most productive hydrocarbon regions and remains central to efforts to increase oil output and strengthen energy exports.
The deal comes as Venezuela seeks to attract international capital and technical expertise to revive its oil industry. Interim President Delcy Rodríguez opened the hydrocarbons sector to greater foreign investment in January after securing approval for reforms designed to encourage new energy projects and expand production capacity.
Repsol, one of Europe’s largest energy companies, had already agreed to restart operations in Venezuela in April. The latest agreement broadens its involvement and signals confidence in the country’s long-term energy potential despite years of political and economic uncertainty.
Speaking during a ceremony broadcast on state television, PDVSA president Héctor Andrés Obregón said the project would help expand both gas and oil production. “In this opportunity, in addition to gas, we’re also aiming for growth in oil,” he said.
The focus on light crude is significant for Venezuela’s energy sector. While the country possesses the world’s largest proven oil reserves, much of its production consists of heavy crude that requires specialised processing. Increasing light crude output could improve operational flexibility, support refinery activity and enhance export opportunities.
Repsol chief executive Josu Jon Imaz said the company remained committed to the country. “Committed to investing in Venezuela,” he said, reaffirming the Spanish group’s intention to expand its presence in the market.
Delcy Rodríguez welcomed the agreement and praised Repsol for maintaining its engagement with Venezuela during difficult periods. She said the company had demonstrated its commitment to the country even “in bad times”.
The interim president added that Repsol would be able to continue expanding investment under what she described as Venezuela’s “new normal”. She said the government remained open to additional energy investment and would continue supporting international companies seeking to increase their activities in the country.
The agreement could provide a modest boost to Venezuelan crude supplies over the medium term if commercially viable reserves are confirmed. Any increase in production would be closely watched by global oil markets, where supply security and investment levels remain key concerns for producers and consumers alike.
For Venezuela, attracting major international energy companies remains a crucial part of efforts to rebuild oil output, generate export revenues and strengthen the country’s position in global energy markets.
