Repsol will expand its Venezuelan energy projects by incorporating the Horcón oil field. The company signed several agreements with the Venezuelan government and state-run PDVSA to significantly increase oil and gas output.
The expansion includes broadening existing operations at the Barua and Motatan fields. Repsol is also analyzing new opportunities in offshore natural gas.
This development follows the issuance of United States licenses allowing foreign firms to negotiate and expand business in Venezuela. These regulatory changes enable Repsol to pursue new investments and strengthen its long-term position in the country.