Overview
- An agreement Thursday between Repsol, Venezuela’s oil ministry, and PDVSA restores the company’s operational control and sets a push to raise output.
- The pact installs a guaranteed payment system for future deliveries, while roughly $4.55 billion in past unpaid receivables remains unresolved.
- Repsol plans a 50% production increase within 12 months and a threefold rise in three years at Petroquiriquire, where it holds 40% and output is about 45,000 barrels a day.
- The deal updates a 2023 framework that enables longer Petroquiriquire concessions and adds the Tomoporo and La Ceiba fields.
- A U.S. Treasury license now authorizes Repsol’s transactions with Venezuela’s government and PDVSA, reflecting a policy shift that also cleared a Chevron expansion this week.