Repsol and Venezuela’s state-owned PDVSA signed an agreement to expand the Petroquiriquire joint venture. PDVSA holds a 60% stake in the project, while Repsol owns 40%. The asset is located on the eastern shore of Lake Maracaibo.
The venture currently produces between 40,000 and 45,000 barrels per day (bpd). Partners aim to increase short-term output by 20,000 bpd. The long-term objective is to triple production within three years.
The agreement grants Repsol greater operational control and new exploration rights. These activities operate under a U.S. Treasury Department license despite ongoing sanctions. Repsol has maintained a continuous presence in Venezuela since 1993.
The additional crude oil will primarily supply Venezuela’s Paraguaná Refining Center.