Petróleos de Venezuela (PDVSA) and Spain’s Repsol have signed a new agreement that aims to increase crude oil and gas production in north-western Venezuela.
The deal focuses on boosting output from the Petroquiriquire joint venture (JV), which operates on the eastern shore of Lake Maracaibo, reported Reuters.
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The signing of the agreement involved Repsol CEO Josu Jon Imaz; Venezuela’s Interim President Delcy Rodríguez; Minister of Hydrocarbons Paula Henao; PDVSA president Héctor Obregón; and Repsol’s general manager of exploration and production, Francisco Gea Pascual.
Obregón said that this latest agreement introduces additional “exploration opportunities” at Petroquiriquire.
He added that the planned increase could add approximately 20,000 barrels per day (bpd) of light crude to the JV’s current average output of around 40,000bpd.
During a broadcast on state television, he explained that the extra crude is intended for the Paraguana Refining Centre in Falcón state and is expected to assist in fuelling economic growth.
Repsol indicated in April 2026 that it had reached an arrangement with the Venezuelan Government and PDVSA to increase oil extraction at the Petroquiriquire asset.
PDVSA holds a 60% share in the Petroquiriquire JV, while Repsol owns the remaining 40%.
Repsol’s gross oil production in Venezuela is around 45,000bpd, primarily from Petroquiriquire.
It is prepared to increase gross production in the country by 50% within a year and to triple output within three years, subject to certain conditions being met.
Under the updated framework agreement, originally signed in 2023 and amended in 2024, the partnership extends the duration of the Petroquiriquire field concessions and incorporates the Tomoporo and La Ceiba fields.
These agreements were signed after the US Department of the Treasury’s Office of Foreign Assets Control issued General License No. 50A (GL 50A).
This licence permits Repsol and its subsidiaries to carry out transactions involving oil and gas activities in Venezuela with the Venezuelan Government, PDVSA and related entities.
Following the events involving former president Nicolas Maduro in January 2026, the US relaxed certain sanctions on Venezuela’s energy sector. These included granting general licences that permit international energy companies to undertake oil and gas operations in the country.
In March 2026, Repsol entered into a separate agreement with Venezuelan officials regarding natural gas output at Cardón IV, a 50:50 joint operation between the Spanish energy company and Eni.
