Repsol Signs Venezuela Oil and Gas Deals to Boost Production

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โดย Zacks Investment Research·Read original
Summary · why it matters

Repsol has signed a memorandum of understanding with Venezuela's Ministry of Hydrocarbons and state-owned PDVSA to assess development of the Horcón area southeast of Lake Maracaibo, expanding its upstream footprint. The agreement, signed in Caracas, also covers offshore gas studies and builds on earlier 2026 deals including a Cardón IV gas pact with Eni and regained operational control at the Petroquiriquire joint venture, where PDVSA holds 60% and Repsol 40%. Company officials estimate Petroquiriquire output could rise by about 20,000 barrels per day from roughly 40,000 to 60,000 barrels per day, contributing to Repsol's current Venezuelan production of about 45,000 barrels per day, which could increase by as much as 50% within a year and potentially triple over three years. The moves are facilitated by a U.S. Treasury Department license allowing oil and gas transactions with Venezuelan entities.

Impact on stocks 5

Energy▲ · 5 stocks
Repsol S.A.
REP
▲ PositiveDemandrelevance

Repsol signed MoU to develop Horcón area and expects production to rise 50% in a year, potentially triple in three years.

Eni S.p.A.
ENI
▲ PositiveDemandrelevance

Eni is mentioned as having a Cardón IV gas pact with Repsol, benefiting from the same Venezuela deals.

Off-coverage companies 1

Petroleos de Venezuela, S.A. (PDVSA)Private▲ Positive
Demandrelevance

PDVSA is the state partner in the joint ventures, benefiting from increased production and investment.

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