Venezuela’s Petroquiriquire oil asset is set to increase output following a new agreement between Repsol, the Venezuelan government, and Petróleos de Venezuela, S.A. (PDVSA), with production expected to rise by 50% within 12 months and triple over three years under agreed conditions.
Petroquiriquire currently produces around 45,000 barrels per day, forming the bulk of Repsol’s upstream output in Venezuela.
“The company is prepared to increase the gross oil production in the country by 50% within 12 months and to triple it over the next three years, provided the necessary conditions remain in place. The agreement falls within the scope of the general license issued by the US Government and reaffirms Repsol’s commitment to Venezuela,” Repsol announced April 16.
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The agreement gives Repsol operational control at Petroquiriquire, a field jointly owned by PDVSA (60%) and Repsol (40%).
Repsol said it will support the expansion using its technical and operational capacity, while PDVSA will coordinate production scheduling, particularly heavy crude cargo allocations linked to field output.
“The project will be developed under the joint leadership of Repsol and PDVSA and in accordance with the highest technical, operational, and governance standards. Repsol will contribute its technical expertise and its logistical and commercial capabilities, deepening its long-term commitment to the development of Venezuela’s energy potential,” the company said.
The arrangement is covered under General License No. 50A issued by the U.S. Treasury’s Office of Foreign Assets Control, which allows continued oil and gas operations involving PDVSA and affiliated entities.
It is the second deal signed this month as Repsol supports broader efforts to stabilize upstream activity in the country.
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