Overview
- Repsol and Venezuela’s Ministry of Hydrocarbons and PDVSA signed a memorandum of understanding on Tuesday to analyze the Horcón area southeast of Lake Maracaibo as an exploratory step rather than a final project approval.
- The signing took place in Caracas at the presidential palace and was attended by Repsol CEO Josu Jon Imaz, exploration head Francisco Gea, interim president Delcy Rodríguez, Hydrocarbons Minister Paula Henao, and PDVSA president Héctor Obregón.
- Repsol says Horcón sits between the Barúa and Motatán fields and is adjacent to its existing assets including Petroquiriquire, Petrocarabobo and the Cardón IV gas project, making it a natural candidate for expanded output if studies support development.
- Officials used the meeting to review concrete operational items such as investments already committed, payment mechanisms for existing deals, and plans for crude shipments in coming months.
- The MoU follows recent accords that restored Repsol control at Petroquiriquire and secured Cardón IV gas arrangements, and the company says the move reinforces its long-term commitment to Venezuela while further technical studies and approvals proceed.