Spanish energy company Repsol already has significant holdings in the country, which possesses some of the largest oil reserves in the world.
Repsol, the Spanish energy firm, will unveil an update to its strategy through 2028 on Tuesday, March 10, 2026, adapting its projections to reflect the current market landscape.
The company will focus on opportunities in the United States and Venezuela, aiming to expand its oil and gas exploration and production business in both countries. This strategic shift comes as geopolitical factors reshape the energy sector and influence investment decisions.
Repsol CEO Josu Jon Imaz has repeatedly emphasized the corporation’s commitment to shareholder returns, investments in business transformation, and maintaining a strong balance sheet.
Imaz likewise indicated a greater focus on the “Upstream” business – exploration and production – particularly in Venezuela, following the easing of U.S. Sanctions against the Caribbean nation. The move reflects a growing confidence in Venezuela’s potential as a key energy producer.
Repsol could increase its gross oil production in Venezuela by more than 50% within a year, after receiving authorization from the U.S. Government to operate in the South American nation, according to recent reports.
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