Spanish energy giant Repsol plans to increase its oil production in Venezuela by 50% this year, with a potential tripling of output by the finish of 2028, according to details released during the company’s 2026 Capital Markets Day on March 10th. The expansion is central to Repsol’s updated strategic plan for 2026-2028, which anticipates total investments ranging from 8.5 billion to 10 billion euros (approximately $9.83 billion to $11.5 billion).
Approximately 34% of Repsol’s planned net investment will be directed towards production projects, primarily in the United States – specifically the Pikka and Shenandoah fields – and the optimization of joint ventures in Venezuela, the company stated. Repsol CEO Josu Jon Imaz affirmed the company’s ability to navigate volatile environments, citing its integrated model and diversified portfolio as key strengths.
Even as Repsol’s current production levels in Venezuela are not officially disclosed, estimates suggest around 71,000 barrels per day. The strategic plan indicates a projected increase to approximately 105,500 barrels per day by the end of 2026, and a further rise to around 213,000 barrels per day by the end of 2028. This growth is contingent on maintaining favorable relations with Washington, as the easing of U.S. Sanctions has unlocked opportunities for investment and production.
The company views its historical presence in Venezuela as providing a “privileged position” within the country, and is capitalizing on latest licensing frameworks granted by the U.S. Administration. Repsol is also seeking to secure continued access to operate in Venezuela through ongoing discussions with U.S. Authorities, recognizing the potential for shifts in U.S. Policy. The expansion plans align with broader efforts to maximize the value of Repsol’s exploration and production portfolio.
Repsol also anticipates a 10% increase in gas production within the next 12 to 18 months. Alongside the focus on upstream activities, approximately 30% of total investments will be allocated to low-carbon initiatives. The company currently owes $5.370 billion, according to DFSUD, a factor influencing its investment strategy in the country.
The potential for increased oil exploration blocks offered to Repsol and Chevron by Venezuela further supports the expansion plans. Repsol is currently in discussions with Washington to maintain its operational access in Venezuela, despite the evolving geopolitical landscape.
