Repsol confident in increasing oil production in Venezuela by 50% in 2026
Repsol is confident in increasing its gross oil production in Venezuela by more than 50% in the next twelve months, as well as tripling it in the next three years, according to the oil company's CEO, Josu Jon Imaz. Imaz explained, after presenting the 2025 results, that the company is preparing to 're-establish and resume' daily operations in the country.
TL;DR
- Repsol anticipates over a 50% increase in Venezuelan oil production in the next 12 months.
- The company aims to triple its Venezuelan oil production within the next three years.
- New U.S. Treasury licenses have eased restrictions for foreign oil companies like Repsol in Venezuela.
- Repsol is preparing to re-establish and resume daily operations in Venezuela.
- The company's financial exposure to Venezuela decreased by 45% by the end of 2025.
- Repsol is working closely with Venezuelan authorities and PDVSA to achieve positive developments.