Spain’s Repsol plans to lift its gross oil production in
Venezuela by more than 50% over the next year and to triple output
within three years, according to Chief Executive Officer Josu Jon
Imaz, EFE reported.
Speaking after the presentation of the company’s 2025 results,
Imaz said the group is positioning itself to fully resume
day-to-day operations in the country.
The executive struck an upbeat tone on Venezuela’s outlook,
arguing that the hydrocarbons industry can play a meaningful role
in stabilising the economy. While Repsol’s longer-term ambition is
to treble production over a three-year horizon, Imaz said the
immediate priority is to secure a 50% increase in the coming twelve
months.
The plans follow new licences issued last week by the US
Treasury Department, which further eased restrictions on foreign
oil companies operating in Venezuela, including Repsol, subject to
strict oversight and reporting requirements.
Under those authorisations, the company intends to continue
supplying gas to the country’s power system while gradually raising
crude output.
Imaz said conditions in Venezuela have improved “significantly”
compared with two months ago and reiterated that Repsol has
maintained a responsible operating stance in the country.
He added that the group is working closely with Venezuelan
authorities and with state oil company PDVSA to revive operations
and restart commercial shipments of crude.
As of the end of 2025, Repsol’s equity exposure to Venezuela
stood at €276mn ($300mn), a decline of 45% from a year earlier. The
company’s financial statements also show several billion euros in
receivables and financing linked to PDVSA, much of which has
already been provisioned.
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