Repsol has received in Spain the first oil tanker loaded with crude oil from Venezuela in exchange for gas generated in the Cardón IV asset, under the agreement reached with the Executive of the Caribbean country and covered by the general license issued by the United States Administration.
This strategic agreement signed with the Government of Venezuela and the state-owned company Petróleos de Venezuela (PDVSA) aims to bolster the long-term stability of gas production in Cardón IV, jointly operated with the Italian company Eni, and to establish payment mechanisms, including the gradual allocation of oil shipments.
In March, Repsol and Eni signed a strategic agreement with the Venezuelan authorities and PDVSA to ensure the sustainability of natural gas production until all of 2026 in the Cardón IV asset -50% owned by both companies- and strengthen the long-term stability of operations.
The formalization of these agreements occurred after the issuance of General License No. 50A (GL 50A) by the Office of Foreign Assets Control of the Department of the Treasury of Donald Trump's Government, which authorizes Repsol and its subsidiaries to carry out transactions related to crude oil and gas activities in Venezuela with the Venezuelan Government, PDVSA, and its affiliated companies.
Likewise, in mid-April, the Spanish group closed an agreement with the Ministry of Hydrocarbons of Venezuela and with the state oil company Petróleos de Venezuela (PDVSA), conditioned on the fulfillment of certain requirements, which allowed it to regain control of operations and increase crude oil production in Petroquiriquire (60% PDVSA and 40% Repsol), ensure payment mechanisms and strengthen the operational framework of its projects in the country, under the framework agreement originally signed in 2023.
Repsol's oil production in Venezuela currently hovers around 45,000 gross barrels per day, mainly in Petroquiriquire, and the group, as reiterated by its CEO, Josu Jon Imaz, is in a position to increase gross crude oil production by 50% within 12 months and triple it in the next three years, provided that the necessary conditions are maintained and the revenues generated are reinvested in the country.