Repsol Returns to Venezuela With Ambitious Production Growth Plan

Spain’s Repsol will return to Venezuela after it signed a new deal with the Venezuelan government, with plans to increase crude oil production in the country by 50% from current levels. Per media reports, the Spanish major secured licenses to return to Venezuela from the U.S. administration, which controls Venezuela’s oil industry, and agreed deals with U.S. energy companies to restore production, which currently averages some 45,000 barrels daily. Over the next three years, Repsol plans to triple that. Venezuela produced an average…