Spain\u2019s Repsol plans to lift its gross oil production in
\nVenezuela by more than 50% over the next year and to triple output
\nwithin three years, according to Chief Executive Officer Josu Jon
\nImaz, EFE reported.\u00a0<\/p>\n
\nSpeaking after the presentation of the company\u2019s 2025 results,
\nImaz said the group is positioning itself to fully resume
\nday-to-day operations in the country.<\/p>\n
\nThe executive struck an upbeat tone on Venezuela\u2019s outlook,
\narguing that the hydrocarbons industry can play a meaningful role
\nin stabilising the economy. While Repsol\u2019s longer-term ambition is
\nto treble production over a three-year horizon, Imaz said the
\nimmediate priority is to secure a 50% increase in the coming twelve
\nmonths.<\/p>\n
\nThe plans follow new licences issued last week by the US
\nTreasury Department, which further eased restrictions on foreign
\noil companies operating in Venezuela, including Repsol, subject to
\nstrict oversight and reporting requirements.\u00a0<\/p>\n
\nUnder those authorisations, the company intends to continue
\nsupplying gas to the country\u2019s power system while gradually raising
\ncrude output.<\/p>\n
\nImaz said conditions in Venezuela have improved \u201csignificantly\u201d
\ncompared with two months ago and reiterated that Repsol has
\nmaintained a responsible operating stance in the country.\u00a0<\/p>\n
\nHe added that the group is working closely with Venezuelan
\nauthorities and with state oil company PDVSA to revive operations
\nand restart commercial shipments of crude.<\/p>\n
\nAs of the end of 2025, Repsol\u2019s equity exposure to Venezuela
\nstood at \u20ac276mn ($300mn), a decline of 45% from a year earlier. The
\ncompany\u2019s financial statements also show several billion euros in
\nreceivables and financing linked to PDVSA, much of which has
\nalready been provisioned.<\/p>\n
\n\u00a0<\/p>\n
\u00a9 2026 bne IntelliNews, source Magazine<\/p>\n","protected":false},"excerpt":{"rendered":"Spain\u2019s Repsol plans to lift its gross oil production in Venezuela by more than 50% over the next…\n","protected":false},"author":2,"featured_media":110,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[147,127],"class_list":{"0":"post-15571","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-repsol","8":"tag-markets","9":"tag-repsol"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/15571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/comments?post=15571"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/15571\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media\/110"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media?parent=15571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/categories?post=15571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/tags?post=15571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}