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BackRepsol Regains Operational Control of Venezuelan Oil Assets After Reaching Agreement with Government
Repsol Regains Operational Control of Venezuelan Oil Assets After Reaching Agreement with Government
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Euronews Business4/16/2026Business

Repsol Regains Operational Control of Venezuelan Oil Assets After Reaching Agreement with Government

Spanish energy company plans to triple production within three years as US eases sanctions on Venezuela's energy sector

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  • Repsol has confirmed regaining operational control of its oil assets in Venezuela after reaching an agreement with the Venezuelan government and state oil company PDVSA.
  • The deal includes a mechanism to secure payments through oil shipments and enables the Spanish company to expand output, with plans to triple production within three years.
  • The agreement follows years of operational constraints due to US sanctions and comes as Washington eases restrictions to boost global crude supply.

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Repsol has confirmed regaining operational control of its oil assets in Venezuela after reaching an agreement with the Venezuelan government and state oil company PDVSA. The deal includes a mechanism to secure payments through oil shipments and enables the Spanish company to expand output, with plans to triple production within three years. The agreement follows years of operational constraints due to US sanctions and comes as Washington eases restrictions to boost global crude supply. The deal does not include a commitment to settle the nearly $4.55 billion owed to Repsol but guarantees collection of future production.

Read the full article on Euronews Business

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Topicspdvsavenezuelaoil productionsanctionsenergypetroquiriquire
This article was originally published by Euronews Business.

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