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Spanish energy giant Repsol signed an agreement on Tuesday to explore a light crude field in a major oil-producing region of Venezuela, home to the world’s largest proven oil reserves.
The partnership targets a field on the eastern shore of Lake Maracaibo in the country’s oil-rich northwest.
Interim President Delcy Rodriguez opened the nation’s hydrocarbons sector to foreign investment in January, pushing a reform law through the legislature following the capture of President Nicolas Maduro in a U.S. military operation.
The deal marks a significant expansion for Repsol, which originally agreed to restart its Venezuelan operations in April.
Hector Andres Obregon, president of the state-owned oil firm PDVSA, announced during a state television broadcast that the new venture aims to drive growth in oil production alongside existing gas projects.
Repsol CEO Josu Jon Imaz affirmed the company’s commitment to investing in the South American nation.
Rodriguez praised the Spanish firm’s long-term commitment to Venezuela, highlighting their presence even during difficult economic periods.
She emphasised that Venezuela’s updated legal framework guarantees these new investments and keeps the door wide open for Repsol to expand its footprint in the country.
