What is the main objective of the PDVSA–Repsol agreement signed in northwestern Venezuela?

The main objective of the PDVSA–Repsol agreement is to boost oil and gas production in northwestern Venezuela, specifically through new exploration opportunities on the eastern shore of Lake Maracaibo—where the two companies already operate the Petroquiriquire joint venture—and to add approximately 20,000 barrels per day of light crude to the current average output of around 40,000 bpd.

How does the agreement aim to support Venezuela's domestic energy infrastructure and economy?

The additional crude from the agreement is intended to supply the Paraguana Refining Center in Falcon state, thereby helping to fuel economic growth, according to PDVSA President Hector Obregon.

Venezuela's PDVSA and Repsol sign deal for oil and gas production

Jun 16, 2026

Venezuela's PDVSA and Repsol signed an agreement to boost crude and gas production in northwestern Venezuela, aiming to add 20,000 barrels per day. The deal follows eased U.S. sanctions and plans to triple output from Venezuelan operations within three years.

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