Repsol signs memorandum with Venezuela to assess Horcón oil field and offshore gas

Repsol and the Venezuelan government signed a memorandum of understanding to evaluate the development of the Horcón oil area southeast of Lake Maracaibo and to explore offshore gas prospects. The agreement was signed in Caracas by Repsol chief executive Josu Jon Imaz, Repsol exploration head Francisco Gea Pascual, interim Venezuelan president Delcy Rodríguez, hydrocarbons minister Paula Henao and PDVSA president Héctor Obregón.

The meeting also reviewed the operational progress of Repsol’s existing Venezuelan assets, reaffirmed investment commitments, payment mechanisms and the schedule for crude oil shipments in coming months. Repsol highlighted its continuous presence in Venezuela since 1993 and its ambition to triple production to roughly 135,000 barrels per day. PDVSA indicated that the Horcón project could add light crude to national output and that the two parties will continue cooperation toward a 2050 energy agenda.