Repsol Eyes 50% Venezuelan Oil Gain in 12 Months, Triple in 3 Years
Repsol gained US Treasury approval to restart Venezuelan oil operations, planning a 50% rise to about 107,000 boepd within 12 months and tripling output from last year’s 71,300 boepd over three years. It also targets a 10% gas output increase and expects €4.55 billion repayment.
1. US Approval and Operational Restart
Repsol received clearance from the US Treasury’s Office of Foreign Assets Control to resume direct oil operations in Venezuela, joining BP, Chevron, Eni and Shell. The permit allows full upstream participation and signals Washington’s renewed push for foreign investment in the country’s energy sector.
2. Oil Production Growth Targets
Last year’s Venezuelan output of 71,300 barrels of oil equivalent per day is set to climb by 50% to roughly 107,000 boepd within 12 months. Repsol aims to triple that figure to over 213,900 boepd within three years through phased investment and operational ramp-ups.
3. Gas Output and Debt Settlement
The company plans a 10% increase in Venezuelan natural gas production this year, resuming gas-for-power agreements disrupted by sanctions. The renewed operations are expected to facilitate repayment of the approximately €4.55 billion that Venezuela currently owes Repsol.
4. Financial Performance and Shareholder Returns
Despite a 15% drop in adjusted net income to €2.6 billion in 2025, Repsol will return €1.9 billion to shareholders in 2026, slightly above last year’s distribution. The Venezuelan expansion underpins management’s long-term growth and cash-flow objectives.