The CEO of Repsol, Josu Jon Imaz, has reiterated the oil company's commitment to its operations in Venezuela and has made it clear that the debate over the historical debt with the country is not currently "on the table." The company's priority now is to increase hydrocarbon extraction in Venezuelan territory.
During a conference with analysts to explain the results of the first half of the year, Imaz emphasized that "it is not the time to talk about the debt of the past" and stressed that Repsol is "totally aligned" with the commitment of the governments of Venezuela and the United States that now "is the time to increase production in Venezuela to improve the social and economic situation of the country, to obtain new income for the country through this increase in production, in a 'win-win'."
The executive expressed his conviction that discussions about the debt "will come in the future," although he insisted that this matter "is not currently on the table."
According to the group's financial statements as of the end of June, the company has a total of 4.080 billion euros in accounts receivable with the state-owned PDVSA, which includes fully provisioned late payment interest on the commercial debt, with provisions of 3.295 billion euros. Additionally, there is financing granted of 1.036 billion euros, with associated provisions of 622 million euros.
The total asset exposure of Repsol in Venezuela as of June 30 amounts to 361 million euros - compared to 276 million euros as of December 31, 2025 - a figure that mainly includes accounts receivable with PDVSA from Repsol E&P Latam, the financing granted to Petroquiriquire, and the participation in Cardón IV and in Petroquiriquire.
Imaz, who expressed his full solidarity and support for the Venezuelan people after the tragic earthquakes recorded in June, positively valued being able to secure financing for investments in the country through the collection of crude shipments, which allow covering the 'opex' and 'capex' necessary to raise production in Venezuela.
Within the framework of the general license granted by the U.S. Administration, between January and June Repsol signed three agreements with the Venezuelan Government and with Petróleos de Venezuela (PDVSA) aimed at increasing the production of both natural gas and oil.
More crude shipments and stable production
In May, the energy company received the first shipment of Venezuelan oil as compensation for the gas extracted in Cardón IV and contemplates the arrival of four additional shipments in what remains of the year: one of them will be used to finance the 10% increase in gas production and the other three will serve to monetize current production.
The group chaired by Antonio Brufau maintained in 2026 its production in the Caribbean country at levels similar to the previous year, with 71,000 barrels of oil equivalent per day.