Spanish energy group Repsol seeks to expand to new oilfield in Venezuela (updated)
18/06/2026 15:54
* Memorandum is a first move to expand from Barua, Motatan
fields
* Pacts add Repsol to list of negotiators of premium areas
(Adds context and details in paragraph 3 and 6)
By Deisy Buitrago
CARACAS, June 18 (Reuters) - Repsol REP.MC is seeking to
expand its projects in Venezuela by incorporating the Horcon
oilfield into its portfolio, the Spanish energy producer said in
a release on Thursday, having signed agreements with Venezuela's
government this week.
The company, which is a key partner of state-owned PDVSA for
oil and gas projects, has signed several preliminary deals with
Venezuela since March to secure gas supply from the flagship
Perla offshore project, which it shares with Italy's Eni
ENI.MI , and to expand operations at the Petroquiriquire joint
venture, where it expects to add the La Ceiba and Tomoporo
oilfields.
The pacts add Repsol to the list of negotiators of premium
oil and gas areas since the U.S. captured President Nicolas
Maduro in January and proposed a $100 billion energy
reconstruction plan, which led to a deep reform of the country's
main oil law to promote business with foreign producers.
Following the U.S. issuance of licenses for companies to
negotiate and expand energy projects in Venezuela, Repsol aims
to increase its total gross production in the country, currently
at some 45,000 barrels per day, by half in the next 12 months
and to triple it in the next three years, it said.
The memorandum of understanding signed for the Horcon field,
located in Venezuela's northwest, is a first move by Repsol to
expand from the Barua and Motatan oilfields, which are already
part of its portfolio. The company also has stakes at the
Petrocarabobo project in the Orinoco Belt, the country's largest
oil region, and Quiriquire Gas in eastern Venezuela.
The agreement was signed this week in Caracas during a
meeting between Repsol Chief Executive Josu Jon Imaz, the
company's head for exploration and production, Francisco Gea,
Venezuelan interim President Delcy Rodriguez, oil minister Paula
Henao, and PDVSA's head Hector Obregon.
The Spanish company, which this year has ramped up imports
of Venezuelan crude for its European refineries, also intends to
advance the analysis of offshore natural gas opportunities in
the South American country, it said.
(Reporting by Deisy Buitrago; Editing by Marianna Parraga,
Julia Symmes Cobb and Milla Nissi-Prussak)
((mailto:marianna.parraga@thomsonreuters.com; +1 713 371 7559;
Reuters Messaging: @mariannaparraga))