Repsol wins back control of Venezuelan oil operations

TL;DR

Repsol has regained operational control of its Venezuelan oil assets through a new deal with the government.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)
The agreement sets plans to triple oil production within three years from current levels around 45,000 barrels per day.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)
It includes a guaranteed payment system to fix past issues where Caracas failed to pay Repsol's bills.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)

The story at a glance

Spain's Repsol is set to resume direct operational control over its oil assets in Venezuela after signing a deal with the government. The agreement involves PDVSA, the state oil company, and follows recent U.S. sanctions relief allowing such operations. This comes amid Venezuela's push to revive its energy sector after years of restrictions and political upheaval.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)

Key points

Repsol currently produces about 45,000 barrels per day of oil in Venezuela; the deal aims for more than 50% growth soon and tripling output in three years.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)
Builds on a prior gas deal in March 2026 for the Cardón IV project, a 50-50 venture with Italy's Eni.[[2]](https://www.reuters.com/business/energy/venezuela-signs-deal-with-repsol-gas-production-2026-03-12)
Features a new "guaranteed" payment mechanism to prevent repeats of past non-payments by the Venezuelan government.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)
Repsol is expected to announce details as early as April 16, 2026, per sources close to the matter.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)
Follows U.S. Treasury licenses in February 2026 authorizing Repsol and others like Chevron and Eni to expand oil and gas work.[[3]](https://www.reuters.com/business/energy/us-allows-oil-majors-resume-venezuela-operations-broadly-okays-new-energy-2026-02-13)

Details and context

Repsol holds stakes in fields like Petroquiriquire and onshore/offshore sites, but operations stalled under prior sanctions and debt issues—Venezuela reportedly owes the company around €4.55 billion ($5.4 billion).[[4]](https://www.reuters.com/business/energy/repsol-is-owed-54-billion-by-venezuela-report-shows-2026-02-19) The U.S. revoked some Repsol permits in 2025, limiting debt repayment via oil, but recent Trump administration moves post-Maduro's ouster have eased rules to boost output.[[5]](https://www.reuters.com/business/energy/whats-status-international-oil-companies-venezuela-2026-02-19)

This deal fits Venezuela's reforms to hydrocarbons laws and invitations for foreign partners like Chevron and Shell to ramp up production after years of decline.[[6]](https://www.reuters.com/business/energy/venezuela-suspends-19-oil-gas-production-sharing-contracts-signed-under-maduro-2026-02-26) Repsol gains more governance, similar to past pacts, to invest and operate efficiently amid improving conditions.[[7]](https://www.reuters.com/markets/commodities/venezuelas-pdvsa-spains-repsol-agree-revive-oil-joint-venture-2023-12-18)

Key quotes

"I am very pleased that this is being done hand in hand with two European companies that stayed in Venezuela, that believed in Venezuela and did not turn their backs on our people." — Acting President Delcy Rodriguez, on earlier Repsol-Eni gas deal (March 2026).[[2]](https://www.reuters.com/business/energy/venezuela-signs-deal-with-repsol-gas-production-2026-03-12)

Why it matters

Reviving foreign-led production could help stabilize Venezuela's battered oil industry and global supply amid geopolitical shifts. For Repsol, it means recovering value from stuck assets and adding growth in a low-cost basin; investors gain exposure to upside, while Venezuela eyes revenue for its economy. Watch for Repsol's formal announcement, production ramps, and any U.S. policy tweaks, as political risks linger.[[1]](https://www.reuters.com/business/energy/spains-repsol-wins-back-control-venezuelan-oil-operations-ft-says-2026-04-16)