On February 22, Spanish energy giant Repsol announced an ambitious investment plan to take advantage of the opportunity from Venezuela's huge crude oil reserves of up to 303 billion barrels.
This move was made after the US eased sanctions, creating conditions for this leading Spanish energy corporation to maximize its more than three decades of operating experience in the South American country in the race against US rivals.
CEO Josu Jon Imaz confirmed that the group is aiming to triple its crude oil production, reaching approximately 135,000 barrels per day in the next 3 years.
In the short term, this energy giant expects to increase production by 50% in the next 12 months thanks to taking advantage of the US-issued Single Number 49 License, allowing negotiation of new upstream contracts.
To realize this ambition, the group is actively discussing with the authorities in Caracas to take over more exploration and exploitation plots around the resource-rich Orinoco Belt. They are also focusing resources on renovating the degraded infrastructure system to clear stalled oil fields.
As the 6th largest oil and gas group in Europe with a capitalization of about 24 billion USD, Repsol currently maintains a solid position in Venezuela through a series of strategic joint ventures. They have been present here since 1993 and persistently stuck through many periods of volatility. Current core assets include the Petroquiriquire offshore oil field project and the Cardón IV offshore gas mega-project. In 2026, the target output in the Venezuelan market alone is expected to reach 100,000 barrels of oil equivalent per day, a sharp increase compared to 71,300 barrels in 2025.
Although Caracas owes up to 5.4 billion USD, the group's leaders affirmed that restoring exploitation is currently prioritized over debt recovery. However, experts warn that the country's energy infrastructure has declined after decades of investment shortage.
Economist David Levine estimates that the comprehensive restoration of the power grid and oil distribution network here could cost a huge budget of 75 billion to 150 billion USD.
In parallel with betting in South America, this giant also consolidated its financial position with the Pikka phase 1 project in Alaska (USA) with an expected output of 80,000 barrels/day.
Thanks to a solid business platform, the group is committed to allocating 1.9 billion euros (about 2.2 billion USD) to shareholders this year.
