LatinNews Daily - 17 June 2026

*Venezuela’s President Delcy Rodríguez and Spanish oil firm Repsol have announced the signing of a memorandum of understanding (MoU) between Repsol, Venezuela’s hydrocarbons ministry, and Venezuela’s state-owned oil company Pdvsa to analyse the possibility of developing a new area, Horcón, which is located southeast of Lake Maracaibo, between the oil fields Barúa (Zulia state) and Motatán (Trujillo). These are already part of Repsol’s portfolio in Venezuela, alongside the Petroquiriquire and Petrocarabobo oil-producing fields and the Cardón IV gas asset, a massive offshore natural gas block. According to Repsol, which has been operating in Venezuela since 1993, the two sides also highlighted plans to advance in the analysis of coastal gas opportunities. It notes that in March 2026, Repsol and Italian energy firm Eni signed a strategic agreement with the Venezuelan authorities and Pdvsa to guarantee the sustainability of natural gas production during 2026 at the Cardón IV asset, which is jointly owned 50/50 by Repsol and Eni, and to reinforce the long-term stability of operations. Repsol also notes that in April it signed an agreement with Venezuela’s government and Pdvsa that will allow it to increase production of oil at Petroquiriquire (in which Repsol has a 40% stake, to 60% for Pdvsa) and “ensure payment mechanisms, and strengthen the operational framework for its activities in the country, under the framework agreement originally signed in 2023”. The 2023 framework agreement, since amended in 2024, provided for the mechanism to extend the duration of the Petroquiriquire field concessions and incorporated the Tomoporo and La Ceiba fields, according to an April Repsol statement, which noted that Repsol’s gross production of oil in Venezuela amounts to around 45,000 barrels per day, mainly in Petroquiriquire.

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