US EditionSpain's Repsol Wins Back Control of Venezuelan Oil Operations, FT Says
The deal would triple output from Repsol’s Venezuelan operations within three years and add a guaranteed payment system after past payment failures, FT said.
- On Thursday, Spanish energy group Repsol signed a deal to regain operational control of Venezuelan oil assets, with plans to increase production by 50% from current levels, the Financial Times reported.
- Washington eased sanctions on the OPEC member's energy sector after President Donald Trump captured President Nicolas Maduro in January, enabling Repsol to secure new licenses to operate in the country.
- The agreement establishes a "guaranteed" payment system to avoid past failures in Caracas, while Repsol aims to triple production from its Venezuelan operations within three years, according to the report.
- Other oil majors are returning to Venezuela, which holds the world's most abundant reserves; Chevron recently increased its stake in Petroindependencia to 49%, while Shell explores the Dragon gas field.
- Venezuela produced 1.1 million barrels of crude daily this month, up from 942,000 in February, yet output remains far below the 3 million barrels pumped daily during the 1990s.
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47 Articles
After signing an agreement with the Government of Caracas, Repsol resumes operational control of the Venezuelan oilfield. Energy company plans to increase production by 50% in one year.
The Spanish company said it intends to increase gross oil production in Venezuela by 50% within 12 months and triple it in the next three years.
InsideNoVA.com
Repsol taking back control of Venezuelan oil assets
Spanish energy group Repsol said on Thursday it has reached an agreement with the Venezuelan government to regain control of its oil business in the country and sharply increase production over the coming years.
The multinational agrees with PDVSA to boost the Petroquiriquire field.
Repsol regains control of its activity in Venezuela. The company has reached an agreement with the Ministry of Hydrocarbons of Venezuela and the state company Petróleos de Venezuela (PDVSA) that will allow it to resume operations and raise oil production in Petroquiriquire (60% PDVSA and 40% Repsol), guarantee payment mechanisms, as well as strengthen the operating framework of its activities in the country, under the agreement originally signed…
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