{"id":5702,"date":"2026-04-17T02:04:13","date_gmt":"2026-04-17T02:04:13","guid":{"rendered":"https:\/\/www.europesays.com\/spain\/5702\/"},"modified":"2026-04-17T02:04:13","modified_gmt":"2026-04-17T02:04:13","slug":"spains-repsol-signs-deal-to-boost-oil-output-in-venezuela","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/spain\/5702\/","title":{"rendered":"Spain\u2019s Repsol Signs Deal to Boost Oil Output in Venezuela"},"content":{"rendered":"<p>        <a href=\"https:\/\/www.islamtimes.com\/en\/news\/1275080\/spain-s-repsol-signs-deal-to-boost-oil-output-in-venezuela\" rel=\"nofollow noopener\" target=\"_blank\"><img decoding=\"async\" src=\"https:\/\/www.europesays.com\/spain\/wp-content\/uploads\/2026\/04\/n01275080-b.jpg\" alt=\"Spain\u2019s Repsol Signs Deal to Boost Oil Output in Venezuela\" title=\"Spain\u2019s Repsol Signs Deal to Boost Oil Output in Venezuela\" class=\"img-responsive\"\/><\/a><\/p>\n<p>            Islam Times &#8211; Spain\u2019s Repsol has signed an agreement with Venezuela\u2019s government and state oil company PDVSA to increase crude production and regain operational control of a key oil asset, the company said Thursday.The deal will allow Repsol to resume control of operations of Petroquiriquire \u2013 a joint venture between PDVSA and Repsol \u2013 while expanding output and securing payment mechanisms, it said, Anadolu Agency reported.<\/p>\n<p>The company is prepared to increase output by 50% within 12 months and potentially triple production over the next three years if conditions remain favorable.<\/p>\n<p>Repsol currently produces around 45,000 barrels of oil per day in Venezuela.<\/p>\n<p>\u201cThis agreement underlines Repsol\u2019s commitment to Venezuela, where we have operated continuously since 1993,\u201d Francisco Gea, the company\u2019s director general for exploration and production, said in a statement.<\/p>\n<p>Last month, Repsol and Italy\u2019s Eni signed a separate agreement to sustain natural gas production at the Cardon IV project through 2026.<\/p>\n<p>The deals follow the issuance of a US license authorizing Repsol to carry out oil and gas transactions with Venezuela and PDVSA, marking a regulatory shift after years of restrictions.<\/p>\n<p>Years of sanctions and underinvestment have left the country\u2019s oil infrastructure severely degraded, with production currently at around 800,000 barrels per day, far below its historical peak of more than 3 million.<\/p>\n<p>Industry analysts estimate that restoring Venezuela\u2019s oil sector would require tens of billions of dollars in sustained investment over the next decade.<\/p>\n<p>Venezuela\u2019s crude is largely extra-heavy, requiring complex refining processes that only a limited number of companies, including Repsol, are equipped to handle.&#13;\n  <\/p>\n","protected":false},"excerpt":{"rendered":"Islam Times &#8211; Spain\u2019s Repsol has signed an agreement with Venezuela\u2019s government and state oil company PDVSA to&hellip;\n","protected":false},"author":2,"featured_media":5703,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[3882,3874,3873,459,3883,3868,3876,2502,3878,3867,593,3871,2068,3877,2355,1879,461,131,3881,3869,565,3879,3880,127,3884,3872,3866,528,2660,582,3885,3870,464,564,3875,778],"class_list":["post-5702","post","type-post","status-publish","format-standard","has-post-thumbnail","category-repsol","tag-a","tag-agreement","tag-an","tag-and","tag-asset","tag-boost","tag-company","tag-control","tag-crude","tag-deal","tag-government","tag-has","tag-in","tag-increase","tag-islam","tag-key","tag-of","tag-oil","tag-operational","tag-output","tag-pdvsa","tag-production","tag-regain","tag-repsol","tag-said","tag-signed","tag-signs","tag-spains","tag-state","tag-the","tag-thursday","tag-times","tag-to","tag-venezuela","tag-venezuelas","tag-with"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/5702","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=5702"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/posts\/5702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media\/5703"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/media?parent=5702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/categories?post=5702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/spain\/wp-json\/wp\/v2\/tags?post=5702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}