Repsol seeks to expand its projects in Venezuela by incorporating the Horcon oilfield into its portfolio, the Spanish energy producer said on Thursday, having signed agreements with Venezuela's government this week.
The company is a key partner of Venezuela's state-owned PDVSA for oil and gas projects.
Repsol and partner Eni have signed several preliminary deals with Venezuela since March to secure natural gas supply from their flagship Perla offshore project and to expand operations at the Petroquiriquire joint venture, where they expect to add the La Ceiba and Tomoporo oilfields.
Following the U.S. issuance of licenses for foreign companies to negotiate and expand businesses in Venezuela, Repsol aims to increase its total gross production in the country, currently at some 45,000 barrels per day, by a half in the next 12 months and to triple it in the next three years, it said.
The Horcon field, located in Venezuela's northwest, would allow Repsol to expand projects at the Barua and Motatan oilfields, which are already part of its portfolio. The company also has a minority stake at the Petrocarabobo project in the Orinoco Belt, Venezuela's largest oil region.
Repsol also intends to advance the analysis of offshore natural gas opportunities in the South American country, it said in the statement.
(Reuters)