Repsol holds a significant strategic position in Venezuela, with over 30 years of presence and rights covering approximately 2,187 square kilometers of gross petroleum acreage, including developed fields and large unexplored blocks. The company’s 2024 net production from Venezuela reached 24 million barrels of oil equivalent, predominantly natural gas reserved for domestic Venezuelan electricity generation. Repsol’s daily crude output is around 39,000 barrels, mainly from the Petroquiriquire field, a joint venture with state-owned PDVSA holding 60% stake.
The U.S. Energy Secretary Chris Wright emphasized numerous inquiries from oil firms interested in investing, contingent on the establishment of favorable legal and commercial conditions. Uncertainties surrounding security of tenure and political stability remain key obstacles given past expropriations and ongoing lawsuits, notably from Exxon and ConocoPhillips seeking billions in compensation for lost Venezuelan assets. The Trump administration plans to oversee the management and sale of up to 50 billion barrels of Venezuelan crude, aiming to place Venezuelan oil on the global market under U.S. influence.
Repsol is reportedly negotiating a new framework with U.S. authorities, as the White House presses major oil companies to fund infrastructure rehabilitation necessary to revive Venezuela’s depleted oil sector. The meeting included top officials from the Trump cabinet and serves as a strategic step toward reintegration of multinational oil companies into Venezuela’s hydrocarbons industry under U.S. guidance.
This article was curated and published as part of our South American energy market coverage.
