Production averaged 71,300 barrels of oil equivalent per day (boed) in 2025, up 6.4% from 67,000 boed in 2024. CEO Josu Jon Imaz announced plans for a short-term production increase of over 50%, targeting a tripling within three years. Repsol’s operations in Venezuela focus on hydrocarbon licenses including Cardón IV, Quiriquire Gas, Petroquiriquire, and Petrocarabobo. The recent issuance of OFAC licenses 49 and 50 by the US Treasury authorizes contractual negotiations and operations involving the Venezuelan government and PDVSA, with restrictions on transactions involving sanctioned entities and countries. These developments enable Repsol to resume and expand exploration and production activities, with exports projected to reach markets like Spain and the United States.
Despite a challenging 2025 marked by lower commodity prices and geopolitical volatility, Repsol posted net income of €1.899 billion, emphasizing resilience and strategic repositioning. The company continues to closely monitor Venezuela’s political landscape while supporting stabilization efforts, reflecting a cautious but optimistic approach to its presence in the country.
This article was curated and published as part of our South American energy market coverage.
