Venezuela Expands Repsol’s Oil Field Acreage: Minister

April 17, 2024, 2:12 PM UTC

Spain’s Repsol will sign an agreement Wednesday to expand the acreage on a joint venture with PDVSA, as a deadline on a US oil sanctions nears, Venezuela’s Oil Minister Pedro Tellechea said in a press conference.

  • Venezuela state oil company PDVSA and Repsol negotiated new acreage of 377.17 square kilometers for jointly-run venture Petroquiriquire in the western part of the country
  • New acreage enables Respsol to develop more oil
  • Expansion approved by the National Assembly Tuesday
  • NOTE: US to Reimpose Venezuela Oil Ban Unless Maduro Acts Quickly

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