Repsol SA will take direct control of its oil operations in Venezuela in the coming days, a move aimed at accelerating production growth and meeting its target of tripling output in the country over the next three years, Chief Executive Officer Josu Jon Imaz said on April 13, Efecto Cocuyo reported.
Speaking at the “Wake Up, Spain!” event, Imaz said the shift marks a turning point for the company’s presence in Venezuela, adding that “the time has come for a better Venezuela.” He stressed that companies operating in the country must expand output and contribute more in taxes so the nation “has the resources for its development.”
Taking operational control is expected to enable Repsol to increase its gross oil production by more than 50% in the near term, while supporting longer-term expansion plans. The company also pointed to a recent “significant agreement” to boost natural gas production, which is expected to underpin about 50% of Venezuela’s electricity generation at a time of heightened demand.
Imaz highlighted what he described as “absolute support” from the US government, noting the company has secured all necessary licences to operate under current conditions, including the ability to transact in dollars and work with US firms.
The Venezuela push comes as Repsol continues to expand internationally. The company is preparing to begin operations at the Pikka project in Alaska in the coming weeks, a development Imaz said could reshape oil production in the region after years of decline.
He also pointed to the US as a “very positive environment for investment,” where Repsol maintains oil, gas and renewable assets, alongside a sizeable gas business that exports to Europe.
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