The Spanish group owns 50% of the Perla offshore gas field in Venezuela, one of the largest in Latin America, and participates in several joint projects with the public company PDVSA. Venezuela maintains a debt of several billion dollars with Repsol and the Italian group Eni
The Spanish energy giant Repsol announced this Thursday, February 19, that it is “preparing” to “resume” its operations in Venezuela, and that it hopes to increase oil production by 50% in the first year, a few days after receiving authorization from the United States.
“Now we see that we could increase gross oil production in Venezuela by more than 50% over the next 12 months,” explained the company’s general director, Josu Jon Imaz, in a conference with analysts on the occasion of the presentation of its results, celebrating the opening of “a new window of opportunity.”
“We have the ambition and see a lot of room to achieve this objective of multiplying production by three in three years,” added Imaz, although for the moment the “initial contribution will be to continue supplying gas to stabilize the country,” he added.
The news of the company, based in Madrid, has been focused in recent weeks, after the close of the 2025 fiscal year, on its position in Venezuela, after the US military operation that on January 3 removed Nicolás Maduro from power and took him to New York to be tried.
The Government of US President Donald Trump, which had prohibited foreign companies from operating in the Venezuelan oil sector, revoked this measure and granted new licenses after overthrowing Maduro, with which Repsol is preparing to operate.
In “close relationship” with Caracas
“We appreciate the American support and the American approach to our role and our operations, and we are also working closely with the Venezuelan authorities,” now headed by Delcy Rodríguez, Imaz said.
The Spanish group owns 50% of the Perla offshore gas field, one of the largest in Latin America, and participates in several joint projects with the public company PDVSA.
Venezuela maintains a debt of several billion dollars with Repsol and the Italian group Eni.
According to its results report presented this Thursday, as of December 31, 2025, Repsol had 148 employees in Venezuela, a slight increase compared to the 139 employees registered at the end of 2024.
This results report states that Repsol is “currently working to align its authorized activities with these new regulations” decreed by the US authorities for Venezuela, “which may require up to 180 days to adapt contractual models to US legislation.”
Regarding its global results, Repsol announced that its net profit increased by 8.1% in 2025, despite “a challenging context”, marked especially by market volatility and the fall in oil prices.
A “challenging context”
The company, present in more than 20 countries, obtained a net result of 1,899 million euros (2,241 million dollars) last year, compared to 1,760 million euros in 2024, according to its results published before the Spanish stock market regulator (CNMV).
Adjusted net profit – an indicator that more specifically measures the company’s performance and serves as a reference for investors – fell, however, by 15.1%, going from 3,030 million euros in 2024 to 2,568 million euros last year.
“The results were influenced by a challenging context, due to geopolitical and economic uncertainty, volatility in the energy markets – causing a 14.5% drop in the price of a barrel of Brent, to $69 on average – and the impact of the general blackout that occurred in Spain on April 28,” the company explained in a statement.
Repsol, which claims to have more than 25,000 employees, produced an average of 548,000 barrels of oil equivalent per day last year, as specified in its note.
The Spanish group is awaiting the completion of the merger of Neo Next with TotalEnergies to create a new expanded entity (Neo Next+), of which Repsol UK will own 23.63% and which will become the largest independent oil and gas producer in the United Kingdom.
*Journalism in Venezuela is carried out in a hostile environment for the press with dozens of legal instruments in place to punish the word, especially the laws “against hate”, “against fascism” and “against the blockade.” This content was written taking into consideration the threats and limits that, consequently, have been imposed on the dissemination of information from within the country.
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