What specific oilfield is Repsol seeking to incorporate into its portfolio in Venezuela, and how does it relate to its existing operations?

Repsol is seeking to incorporate the Horcon oilfield — located in Venezuela's northwest — into its portfolio. This field would enable the company to expand its existing projects at the Barua and Motatan oilfields, which are already part of its portfolio. Additionally, Repsol holds a minority stake in the Petrocarabobo project in the Orinoco Belt, Venezuela's largest oil region.

What are Repsol's stated production growth targets in Venezuela, and what regulatory development enabled these plans?

Repsol aims to increase its total gross oil production in Venezuela — currently at approximately 45,000 barrels per day — by 50% within the next 12 months and to triple it within the next three years. These expansion plans follow the U.S. issuance of licenses permitting foreign companies to negotiate and expand business activities in Venezuela.

Spanish energy group Repsol seeks to expand to new oilfield in Venezuela

Jun 18, 2026

Repsol aims to expand Venezuelan oil operations by adding the Horcon field and tripling production within three years after securing government agreements and U.S. licenses.

reuters

2026-01-06

Chevron Commences Production at Angola Offshore Platform

2026-01-16

US Oil Firms Cautious About Returning to Venezuela

2026-01-27

Turkey and Chevron Advance Oil and Gas Exploration Cooperation

2026-04-26

Chevron CEO Says Venezuela Must Do More for Oil Industry Revival

2026-04-28

Libya Signs Preliminary Agreement with Chevron to Assess Shale Oil and Gas Resources