Repsol announced plans Thursday to include the Horcon oilfield in its portfolio of Venezuelan assets, following agreements signed with the Venezuelan government this week. The company said the addition forms part of a coordinated effort to extend its footprint in the South American country.
As a long-standing partner to Venezuela's state oil company PDVSA on projects in the country, Repsol has been deepening ties alongside partner Eni. Since March, the two firms have completed several preliminary agreements designed to secure natural gas volumes from their Perla offshore project and to expand activity at the Petroquiriquire joint venture. Within that JV, the companies plan to add the La Ceiba and Tomoporo oilfields.
Repsol outlined production growth targets for its Venezuelan operations, saying it intends to raise total gross output from roughly 45,000 barrels per day by 50% within the next 12 months, and to triple that level over a three-year horizon. Company officials framed the expansion as enabled in part by recent U.S. policy moves - specifically, the U.S. government granting licenses that allow foreign firms to negotiate and broaden business activity in Venezuela.
The Horcon field is located in northwestern Venezuela. Repsol said adding Horcon would support further development of projects at the Barua and Motatan oilfields, assets the company already operates. In addition to its work in the northwest, Repsol holds a minority interest in the Petrocarabobo project in the Orinoco Belt, the country's largest producing region.
Beyond oilfield additions, Repsol also said it will pursue analysis of offshore natural gas opportunities in Venezuela. The company did not provide further technical details or timelines for the exploratory analyses in its announcement.
The package of recent accords follows a sequence of preliminary arrangements the company and its partner Eni have struck since March. Those agreements aim to secure gas supply from Perla and expand the Petroquiriquire joint venture with the additions of La Ceiba and Tomoporo. Repsol said the Horcon move would dovetail with its existing operations, potentially creating synergies with Barua and Motatan.
Repsol's stated production targets, its stake in Petrocarabobo and the intentions to evaluate offshore gas prospects reflect a multi-pronged approach to growing activity in Venezuela while working under the terms enabled by the recent U.S. licensing decisions.