Repsol

Repsol has reached an agreement with the Venezuelan government and PDVSA to regain operational control of its oil business in Venezuela. This deal allows Repsol to significantly increase oil production and ensures a payment system for future supplies, improving its financial security and operational capacity in the country.

Repsol was granted a general license by the US Treasury Department's United States===Office of Foreign Assets Control (OFAC) to operate in Venezuela's oil and gas sector. The company declined to comment on the development.

Repsol is authorized to resume oil and gas operations in Venezuela, offering a chance to reactivate its projects and investments in the country's energy sector.

Repsol, through its subsidiary Repsol Sinopec Brazil with a 25% interest, sees positive returns from the Lapa South-West project's start-up, which contributes to its international exploration and production efforts.

Repsol is another company whose executives Chris Wright is expected to meet. As a foreign producer in Venezuela, Repsol stands to benefit from the U.S. efforts to encourage investment and grant operational and financial autonomy to foreign companies.