Petróleos de Venezuela (PDVSA) and Spain’s Repsol have signed an agreement to increase oil and gas production in Venezuela, including new exploration opportunities around Lake Maracaibo, Reuters reported on Tuesday.
The signing follows an April 2026 agreement between the parties, which allowed Repsol to resume operations at the Petroquiriquire joint venture with PDVSA, re-establish payment mechanisms, and pursue plans to triple its Venezuelan oil production within three years.
PDVSA said the new deal will expand the parties’ co-operation through the Petroquiriquire and could add about 20,000 bopd of light crude to production, which currently stands at around 40,000 bopd.
The additional volumes will be channelled in part to the approximately 971,000-bpd Paraguaná Refining Complex, which houses the Cardon, Amuay and Bajo Grande facilities and is one of the largest refinery hubs in the world.
PDVSA president Héctor Obregón said the deal also offers exploration opportunities on the eastern shore of Lake Maracaibo.