The Spanish oil company Repsol plans to resume operations in Venezuela, thanks to new licenses issued by the OFAC (Office of Foreign Assets Control), as well as the United States’ openness to new business opportunities.

Furthermore, the company aims to increase its production by 50 % in the next 12 months, considering Donald Trump’s approval to operate and export crude oil without prior sanctions restrictions.

According to Josu Jon Imaz, CEO of Repsol, the company already has a presence in the country through joint ventures with PDVSA, such as Petroquiriquire, and has been operating in exploration and production fields for more than three decades.

Venezuela maintains a massive debt

According to the company’s recently published annual financial report, “the Venezuelan state owes 4.55 billion euros (equivalent to approximately 5.37 billion dollars).”

This figure includes “commercial debt for oil and gas supplies, late payment interest, and 947 million euros in financing granted to the Petroquiriquire joint venture with PDVSA.”

However, according to Imaz, current conditions are encouraging and favorable for supporting gross oil production, as well as contributing to Venezuela’s development in this new political and economic phase.

M.Pino

Source: efectococuyo

(Reference image source: WORKSITE Ltd. on Unsplash)

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