Spanish energy company Repsol will present an update to its strategies through 2028 on Tuesday, March 10, 2026, adjusting its financial projections to reflect current market realities. The company will also focus on increasing its oil and gas exploration and production business in the United States and Venezuela.
Repsol CEO Josu Jon Imaz has repeatedly emphasized the corporation’s priorities: shareholder returns, investments in business transformation, and maintaining a strong balance sheet. Imaz indicated the company will pursue opportunities in the “Upstream” sector – exploration and production – particularly as the U.S. Government has eased sanctions on Venezuela, according to recent statements reported by Europa Press.
Imaz recently stated that Repsol could increase its gross oil production in Venezuela by more than 50% within a year, following authorization from the U.S. Government to operate in the South American nation. This potential increase comes as Venezuela reportedly owes Repsol $5.370 billion, according to DFSUD.
The U.S. Government previously authorized Repsol to operate in Venezuela, a move that followed a period where Western companies like Chevron and Repsol had been restricted from exporting crude oil from the country, as revoked by a previous decision from former U.S. President Donald Trump. Venezuela is also preparing to offer additional oil exploration blocks to Chevron and Repsol, according to Bloomberg Linea.
Repsol is currently in discussions with Washington to secure continued access to operate in Venezuela, Reuters reported. The company is seeking ways to maintain its operations despite the evolving geopolitical landscape and potential shifts in U.S. Policy.
