Finance
Spain's Repsol Wins Back Control of Venezuelan Oil Operations, Ft Says
Published by Global Banking & Finance Review®
Posted on April 16, 2026
2 min readLast updated: April 16, 2026
Add as preferred source on GoogleQuick Summary
Repsol is set to resume direct control over its Venezuelan oil operations and increase production by 50% shortly, aiming to triple output within three years under a newly signed agreement with the Venezuelan government.
Spain's Repsol wins back control of Venezuelan oil operations, FT says
Repsol's Renewed Operations in Venezuela
Deal Details and Announcement
April 16 (Reuters) - Spanish energy group Repsol is poised to take back operational control of its Venezuelan oil assets and boost production following a deal signed with the South American government, the Financial Times reported on Thursday.
Repsol is expected to announce the agreement as early as Thursday, FT added, citing a person familiar with the matter.
Production Plans and Payment System
The agreement will include plans to triple production from its Venezuelan oil operations within three years and establish a "guaranteed" payment system that will avoid previous pitfalls under which the capital city of Caracas failed to pay up, according to the report.
Verification and Company Response
Reuters could not immediately verify the report. Repsol did not immediately respond to Reuters' request for a comment.
Background: Venezuela's Oil Sector and Previous Agreements
Venezuela holds one of the largest oil reserves in the world but has dilapidated energy infrastructure.
In 2023, Repsol reached an agreement with Venezuela to continue operating its facilities there. The deal later lapsed after U.S. President Donald Trump revoked licences granted to Repsol and other Western companies to operate in the country.
Recent Changes in U.S. Policy
After the U.S. captured President Nicolas Maduro in January, Washington eased sanctions on Venezuela's energy sector, issuing general licences that allow global energy companies to operate oil and gas projects in the OPEC member.
Reporting Credits
(Reporting by Disha Mishra in Bengaluru; Editing by Sherry Jacob-Phillips)
Key Takeaways
- •Repsol has secured all necessary U.S. licenses, allowing it to operate openly, hire U.S. firms, and resume normal operations in Venezuela (cincodias.elpais.com).
- •In the short term, Repsol plans a 50% increase from its current ~45,000 barrels per day; it targets a threefold rise in Venezuelan crude output over the next three years (cincodias.elpais.com).
- •This move follows Venezuela's oil industry reforms and U.S. easing of sanctions, which have reopened the door for foreign investment and major oil producers like Chevron, Shell, Eni—and Repsol—to expand operations (en.mercopress.com)
References
Frequently Asked Questions about Spain's Repsol wins back control of Venezuelan oil operations, FT says
1What has Repsol achieved with the new deal in Venezuela?
Repsol is poised to regain operational control of its Venezuelan oil assets and boost production following the agreement with the Venezuelan government.
2Which company is taking back control of Venezuelan oil operations?
Spain's Repsol is taking back control of its oil operations in Venezuela.
3What is the expected outcome for Repsol after signing the deal?
Repsol is expected to increase oil production in Venezuela after regaining control of its assets.
4Who reported on Repsol's operational changes in Venezuela?
The news about Repsol's changes was reported by the Financial Times.
