Venezuela signs deals with Repsol and GE to boost oil and power sectors

Spain's Repsol announced a pact with the Venezuelan government to explore oil in the Horcón offshore area and to conduct feasibility studies for additional offshore opportunities along the coast.

The United States' General Electric signed a Memorandum of Understanding with Venezuela on June 6 to stabilise, recover and optimise the National Electric System. The plan foresees adding 1 GW of generation capacity within two years and up to 5 GW in four years, and opens the previously state‑run power sector to private and foreign investment following recent legislative reforms. Acting president Delcy Rodríguez presented the agreements as a strategic step toward technical and economic complementarity for the country's electricity supply.