Repsol signs agreement with Venezuela to explore and develop new oil and gas fields in Horcón area

Type: Partnership · Technology: Oil Gas · Country: Venezuela · Announced: 2026-06-16

Repsol signed a partnership agreement with Venezuela's Ministry of Hydrocarbons and state-owned Petróleos de Venezuela (PDVSA) to explore and develop a new oil and gas zone in the Horcón area, located southeast of Lake Maracaibo. The agreement was formalized in Caracas during a meeting between Repsol's CEO Josu Jon Imaz, PDVSA's exploration and production director Francisco Gea, Venezuelan interim president Delcy Rodríguez, hydrocarbons minister Paula Henao, and PDVSA president Héctor Obregón. The Horcón area lies between Repsol's existing Barúa and Motatán fields, adjacent to producing oil assets Petroquiriquire and Petrocarabobo, and the Cardón IV gas field. The parties also expressed intent to advance gas exploration opportunities along the coast to deepen studies of offshore gas deposits in Venezuela.

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