Repsol has entered into a memorandum of understanding (MoU) with Venezuela’s new government and the state-owned company Petróleos de Venezuela (PDVSA) to evaluate the potential development of a new area called Horcón, situated southeast of Lake Maracaibo (Repsol press release, 17/06/2026).
The Horcón area lies between the Barúa and Motatán fields, both of which are already included in Repsol’s Venezuelan asset portfolio. This portfolio also comprises the oil-producing assets Petroquiriquire and Petrocarabobo, as well as the Cardón IV gas project.
Under the agreement, the parties also confirmed their intention to further assess offshore gas opportunities, with a focus on expanding studies and gathering additional data on gas reservoirs located offshore in Venezuela.
Repsol continues to expand its footprint in Venezuela. In April 2026, the company signed another agreement with the Venezuelan government and PDVSA aimed at increasing oil production at Petroquiriquire (60% PDVSA, 40% Repsol).
The company’s gross oil production in Venezuela currently stands at approximately 45 kb/d, largely generated from Petroquiriquire. Repsol intends to raise its gross oil output in the country by 50% within the next 12 months and to triple production over the following three years, provided that the necessary conditions remain in place and that investments continue to be funded through revenues generated locally.
A strategic partner of PDVSA in both oil and gas developments, Repsol has concluded several preliminary agreements with Venezuela since March 2026. Among these is an arrangement aimed at securing gas supplies from the flagship offshore Perla project, which the company jointly owns with Italy’s Eni.