Repsol faces a significant outstanding debt of €4.55 billion from Venezuela but is preparing to ramp up its oil production by over 50% within the next 12 months following renewed US operational authorizations. The company aims to triple its Venezuelan output in three years, leveraging improved geopolitical conditions and close collaboration with local and US authorities.
Repsol’s latest financial report reveals that Venezuela owes the Spanish energy group €4.55 billion ($5.37 billion), composed of commercial debt for oil and gas supply, related overdue interests, and €947 million tied to financing for the Petroquiriquire joint venture with state oil company PDVSA. Over time, Repsol has provisioned close to €3.59 billion against this exposure. The company maintains a significant presence in Venezuela, with 148 employees on the ground as of end-2025, and holds an important partnership role with PDVSA. Repsol is among the few foreign energy companies licensed by the U.S. Office of Foreign Assets Control to operate in Venezuela’s upstream oil and gas sector, a newly granted authorization that allows resumed operations after the revocation of one prior permit in March 2025. CEO Josu Jon Imaz indicated that the company is set to increase its crude oil production in Venezuela from approximately 71,300 barrels per day in 2025 by more than 50% in the next year, highlighting a strategic push to multiply production threefold over three years. Initial priorities include supplying natural gas to stabilize the Venezuelan energy market. Repsol has recently sourced Venezuelan crude through trader Trafigura, reflecting active trading engagement despite previous restrictions. The company praises U.S. support and emphasizes its ongoing cooperation with Venezuelan authorities, including recent dialogues with Delcy Rodríguez, aimed at boosting production at this critical juncture. The expanding output and restored operations position Repsol to capitalize on Venezuela’s vast resource base amid evolving geopolitical and market dynamics in Latin America’s oil sector.
This article was curated and published as part of our South American energy market coverage.
