Venezuela and Spain’s Repsol Sign Deal to Renew Oil Terms

PDVSA, Repsol renewed terms for Petroquiriquire venture
Deal follows new Chevron and Maurel et Prom contracts

The Venezuelan-flagged Fiorella oil tanker docked in front of the Petroleos de Venezuela SA (PDVSA) Bajo Grande Refinery at the Paraguana Refinery Complex on Lake Maracaibo in Maracaibo, Zulia state, Venezuela, on Wednesday, Nov. 15, 2023. Photographer: Gaby Oraa/Bloomberg

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By Fabiola Zerpa

December 18, 2023 at 4:25 PM UTC

This article is for subscribers only.

Venezuela and Spain’s Repsol SA signed a new contract for a jointly-run oil venture as the Andean nation seeks to ramp up production after the US eased sanctions.

Venezuela’s Oil Minister Pedro Tellechea and Repsol’s head for upstream, Francisco Gea, signed an agreement during an event in Caracas Monday that grants the European major more operational and finance controls over their ventures in the oil fields of Petroquiriquire Occidente and Oriente.