?Madrid/Caracas, Jun 16 (EFE).- The Spanish energy company Repsol signed a memorandum of understanding with Venezuela's Ministry of Hydrocarbons and the state-owned company Petróleos de Venezuela (PDVSA) to study the possible exploration of Horcón, a new oil field southeast of Lake Maracaibo, Repsol reported in a press release.
?The agreement was signed on Tuesday by Repsol CEO Josu Jon Imaz; Venezuela's interim president, Delcy Rodríguez; Minister of Hydrocarbons Paula Henao; PDVSA President Héctor Obregón; and Repsol's general manager of Exploration and Production, Francisco Gea Pascual.
The meeting at the Miraflores Palace, the seat of the Venezuelan government in Caracas, also addressed "operational progress at Repsol's assets in Venezuela" and the payment mechanisms associated with existing agreements.
The Spanish company emphasized that the meeting also covered the investments committed to ensure the continuity and growth of its operations, as well as the crude oil shipment schedule for the coming months.
Through this memorandum of understanding, the parties also express their intention to proceed with the analysis of offshore gas opportunities, with the aim of conducting more in-depth studies and gathering data on gas fields in Venezuela's offshore area.?
Repsol stated that with this agreement, the company "reinforces its commitment to Venezuela, where it has operated continuously since 1993."
?In fact, the signing comes months after CEO Josu Jon Imaz assured United States President Donald Trump at the White House that Repsol was prepared to "invest heavily in Venezuela" and triple its crude oil production in the country to approximately 135,000 barrels per day.
?The president of Petróleos de Venezuela (PDVSA), Héctor Obregón, stated during a broadcast on the state-run channel Venezolana de Televisión (VTV) that the agreement represents the "addition of exploratory opportunities" to the joint venture Petroquiriquire to boost Venezuelan production with barrels of light crude oil.
?"Both Repsol and PDVSA (...) will now continue to explore other areas of cooperation to keep growing, which is what matters, and to look toward the future; we are talking about an energy agenda that extends to 2050," Rodríguez emphasized.
?Three months ago, Repsol and Eni signed a strategic agreement with Venezuelan authorities and PDVSA to ensure the sustainability of natural gas production at the Cardón IV asset.
?Likewise, in mid-April, Repsol signed another agreement with Venezuela's Ministry of Hydrocarbons and PDVSA that allows it to regain control and increase oil production at Petroquiriquire, which is 60% owned by PDVSA and 40% by Repsol.
"The agreement also aims to guarantee payment mechanisms and strengthen the operational framework for its activities in the country, under the framework agreement originally signed in 2023," the Spanish energy company emphasizes. EFE
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