The agreement, finalized alongside state-run PDVSA, marks a strategic expansion for the Spanish firm. This development follows Repsol’s April decision to reclaim operational control of the Petroquiriquire field, a move prompted by the U.S. government’s pressure on Caracas to stabilize and rebuild its crumbling oil-and-gas infrastructure. Beyond the onshore Horcon site, Repsol has signaled intentions to launch feasibility studies regarding offshore opportunities in Venezuelan waters. These steps reflect a calculated effort by the company to capitalize on shifting political tides and secure access to one of the world's largest proven oil reserves.
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Repsol Stakes New Claim in Venezuelan Oil Fields
Spain’s Repsol has secured a memorandum of understanding with the Venezuelan government to explore and potentially develop the Horcon oil deposit, a move that deepens the energy giant’s footprint in the region southeast of Lake Maracaibo despite years of political and economic volatility within the nation’s energy sector.
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