Repsol Regains Control of Venezuelan Oil Assets

Spanish energy group Repsol has reached an agreement with the Venezuelan government and state oil firm PDVSA to regain operational control of its oil business in Venezuela. This deal allows Repsol to resume control of its Petroquiriquire joint venture and plans to increase gross oil production by 50% within 12 months, potentially tripling output within three years. The agreement also includes a guaranteed payment system for future supplies, addressing past financial pitfalls. This development follows the ousting of Nicolás Maduro in January and subsequent easing of US sanctions on Venezuela's energy sector, which has encouraged international companies like Chevron Corporation and Eni to re-engage. Interim president Delcy Rodríguez's administration has introduced market-friendly reforms to liberalize the sector and attract foreign investment, aiming to revive Venezuela's dilapidated oil industry and contribute to global crude supplies.