Repsol has nearly $5.4 billion in receivables to collect from Venezuela, the Spanish group said in its annual 2025 report on Thursday.
Venezuela owes Repsol 4.55 billion euros, or $5.36 billion, and this includes debt for oil and gas supplies, arrears in payment of interests, and financing for its Petroquiriquire joint venture with Venezuela’s state-held oil firm PDVSA, according to the report.
Repsol also disclosed in a separate statement on the Q4 earnings that the U.S. administration last Friday issued new licenses enabling the resumption of oil and gas operations in Venezuela.
Repsol expects to boost its oil and gas output to between 560,000 and 570,000 barrels per day of oil equivalent production by the end of this year, up from 548,000 boepd for the fourth quarter, “without considering the potential increase in production in Venezuela.”
In Venezuela, Repsol’s most notable investments include a 40% stake in the Petroquiriquire JV which produces oil and gas.
The Spanish group also owns 50% in Cardón IV jointly with Italy’s Eni. Cardón IV is a gas licensee whose main activity is the production and sale of gas in Venezuela. Repsol also has a 60% interest in Quiriquire Gas and an 11% interest in Petrocarabobo, S.A., their main activities being the exploration and production of oil and gas in Venezuela.
Last month, shortly after the U.S. blitz in Venezuela and the capture of Nicolas Maduro, the Financial Times reported that Eni and Repsol, two of the largest European energy companies, are struggling to recover about $6 billion from Venezuela for the gas and naphtha they have supplied to the South American country.
By Tsvetana Paraskova for Oilprice.com
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