Repsol Strengthens Venezuela Oil Operations with New Agreements and Fleet Expansion

Repsol and Eni have reached an agreement with Venezuela’s interim government to resume natural gas exports from the country by the finish of 2031, according to reports from financial and energy news outlets. The deal, announced with interim President Delcy Rodríguez, will allow the two European energy companies to more than double production at a major offshore field in the Gulf of Venezuela. The gas will be exported as liquefied natural gas from a floating terminal, sources familiar with the matter said. Under the agreement, Repsol and Eni will also receive compensation for billions of dollars’ worth of gas they have already extracted from the field but were not paid for during years of political and economic instability in Venezuela. The Cardon IV project, a joint venture equally owned by Repsol and Eni, has remained operational in Venezuela despite challenges under the previous administration of Nicolás Maduro. Following Maduro’s capture in January 2026, the United States eased sanctions on Venezuela’s energy sector to encourage foreign investment and boost oil and gas output. Venezuela holds the world’s largest oil reserves, but years of corruption, economic turmoil, and underinvestment have weakened its energy infrastructure. A recent reform to the country’s main oil law now permits foreign companies to operate, export, and sell Venezuelan oil even as minority partners of the state-owned PDVSA, opening the door for renewed international interest. Repsol previously signed strategic agreements with Venezuela in March 2026 to increase hydrocarbon production, with Rodríguez highlighting the potential of the Cardon IV project. The government has emphasized its efforts to attract global investors to revitalize the sector. The agreement with Eni and Repsol marks a significant step in Venezuela’s attempt to rebuild its energy industry after years of isolation, while providing the European firms with a long-term foothold in one of the world’s most resource-rich nations.