Repsol signs deal with Venezuela to explore new oil zone near Lake Maracaibo

The signing in Caracas

Repsol formalised a memorandum of understanding with Venezuela's hydrocarbons ministry and state-owned PDVSA on Tuesday, targeting the Horcón area southeast of Lake Maracaibo. The document was signed at the Miraflores Palace in Caracas by Repsol CEO Josu Jon Imaz, interim president Delcy Rodríguez, hydrocarbons minister Paula Henao, PDVSA president Héctor Obregón, and Repsol's exploration and production director Francisco Gea Pascual. The meeting also covered operational progress on existing assets, committed investments, payment mechanisms tied to current agreements, and the crude cargo schedule for the coming months.

You have the doors open in Venezuela to continue expanding your investments, which are guaranteed with new regulations.

What Horcón adds to the portfolio

The new area sits between the Barúa and Motatán fields, both already part of Repsol's Venezuelan portfolio. The company's existing positions include the Petroquiriquire and Petrocarabobo oil-producing assets and the Cardón IV gas project. Cardón IV, in the country's northwest, currently produces 580 million cubic feet of gas per day, according to official data. The Horcón agreement also expresses the parties' intention to advance analysis of gas opportunities along the Venezuelan coast, deepening technical studies of offshore gas deposits.

On this occasion, in addition to gas, we are aiming for growth in oil.

A sequence of deals since early 2026

The Horcón memorandum is the latest in a series of agreements Repsol has struck with Venezuelan authorities this year. In March, Repsol and Eni signed a strategic deal with PDVSA to guarantee natural gas production continuity at Cardón IV, a 50-50 joint venture, and to secure long-term operational stability. In mid-April, Repsol reached another agreement with the hydrocarbons ministry and PDVSA that allowed it to retake operational control of Petroquiriquire (60% PDVSA, 40% Repsol) and target a production increase. The company currently produces around 45,000 barrels per day of crude in Venezuela and aims to lift that by 50% within a year, reaching roughly 67,500 barrels, with a three-year goal of 135,000 barrels per day.

Venezuela's reform push and sanctions backdrop

Interim president Delcy Rodríguez has been driving a petroleum reform to reopen the sector to private investment, signing agreements with international firms in recent weeks after Washington softened sanctions on companies negotiating with PDVSA. Venezuela holds the world's largest oil reserves but exploration of new fields has been paralysed for nearly a decade. National production now hovers around one million barrels per day, far below the more than three million it reached almost two decades ago. In April the interim government also signed a deal with BP to explore gas deposits along the maritime border with Trinidad and Tobago.

Repsol is committed to investing in Venezuela.

Repsol's long-running presence

Repsol has operated in Venezuela without interruption since 1993. The company described the Horcón agreement as reinforcing its commitment to the country. The talks in Caracas also reviewed the crude cargo plan for the months ahead, a component considered key to ensuring stability of both production and hydrocarbon marketing. The parties expressed willingness to deepen technical studies and data collection on offshore gas deposits, expanding the scope of Repsol's energy activity in Venezuela.