Spanish energy company Repsol has signed a new agreement with Venezuela’s state oil company PDVSA to explore a light crude oil field in a key petroleum-producing region of the country.
The deal signed on Tuesday focuses on an area on the eastern shore of Lake Maracaibo in northwestern Venezuela, a region known for its rich oil reserves. The project is intended to identify and develop new exploration opportunities, particularly for light crude production, as Venezuela continues efforts to revive its energy sector and attract foreign investment.
During the announcement, PDVSA President Hector Andres Obregon said the agreement also reflects a broader push to expand both oil and gas output in the country. He noted that Venezuela aims to strengthen production capacity and improve the performance of existing joint ventures.
Repsol Chief Executive Josu Jon Imaz said the company remains committed to investing in Venezuela and maintaining its long-term presence in the country’s energy industry. Venezuelan officials also highlighted Repsol’s continued engagement, even during periods of political and economic difficulty, describing it as part of a “new normal” for investment conditions.
The agreement builds on earlier arrangements between Repsol and the Venezuelan government that allowed the company to regain operational control in certain assets and expand crude production. Those earlier deals also aimed at improving payment mechanisms and increasing overall output in partnership with PDVSA.
The latest agreement further reinforces cooperation between the two sides as Venezuela seeks to modernise its oil industry and increase production from its vast reserves, the largest proven crude deposits in the world.
