Venezuela and Spanish energy group Repsol have signed "strategic agreements," the government of the South American country said in a statement on Thursday.
Speaking on state-run television, acting President Delcy Rodriguez said the agreement will allow for gas production at Cardon IV, which is a 50-50 joint venture between Repsol and Italy's Eni.
She added that the deal would allow for the expansion for exports.
"I am very pleased that this is being done hand in hand with two European companies that stayed in Venezuela, that believed in Venezuela and did not turn their backs on our people," Rodriguez said.
A government statement added that Venezuela is committed to seeking agreements with global investors in oil and gas.
After the United States captured President Nicolas Maduro in January, it eased sanctions on Venezuela's energy sector, issuing general licences that allow global energy companies to operate oil and gas projects in the OPEC country.
Venezuela holds one of the largest oil reserves in the world but has dilapidated energy infrastructure.
(Reuters - Reporting by Reuters, Writing by Daina Beth Solomon; Editing by Brendan O'Boyle)