SPANISH energy giant Repsol is set to take back control of its oil operations in Venezuela after the US administration revoked its licence last year.<\/p>\n
The multinational has struck an agreement with the Venezuelan government in hopes of achieving a threefold production boost over the next three years, according to a Financial Times report.<\/p>\n
Under the deal, which is expected to be announced on Thursday, the group will also benefit from new payment guarantees after Caracas failed to cough up $4.55 billion that Repsol says it is owed for natural gas and oil supplies, sources have told the Financial Times.<\/p>\n
READ MORE: US reminds Madrid it invests more in Spain than almost next four countries combined as Sanchez makes fourth trip to China<\/a><\/p>\n Repsol has been operating in Venezuela since 1993 and renewed its deal with Caracas in 2023. But operations ground to a halt last year after US President Donald Trump withdrew licences from a slew of Western companies amid efforts to wrestle the Maduro regime into submission.<\/p>\n Now, as the US war in Iran continues to push global energy prices upwards, Trump is calling on Western oil companies to invest $100 billion in Venezuela in order to boost crude supplies.<\/p>\n The US president has been easing pressure off the Venezuelan government since Maduro\u2019s ousting, with acting president Delcy Rodriguez now enjoying Trump\u2019s support as she moves to roll out a number of landmark market-friendly reforms.<\/p>\n