Repsol has confirmed that Venezuela has a debt of US$5.4 billion with the Spanish company, as detailed in its 2025 annual report. The figure, which includes accounts receivable related to oil and gas supplies, accrued interestThe figure includes receivables related to oil and gas supplies, accrued interest and capital contributions in shared projects with Venezuelan state-owned PDVSA.
Debt details
Most of the debt is related to the Petroquiriquire joint venture, in which Repsol holds a 40% interest. The debt also covers accumulated financial arrears for supplies and financing advanced for joint operations.
In turn, Repsol participates in other important projects in the country, including a 50% stake in Cardón IV, together with the Italian Eni, a concession dedicated to the production and commercialization of gas. It also holds a 60% stake in Quiriquire Gas and an 11% stake in Petrocarabobo S.A.
New U.S. licenses open the door to reactivate operations
At the same time, Repsol notified in a statement that the U.S. administration issued new licenses last Friday new licenses last Fridayallowing the resumption of oil and gas operations in Venezuela. This could facilitate not only the progressive recovery of the debt, but also a possible increase in the South American country’s energy production.
Although the company projects to reach between 560,000 and 570,000 barrels of oil equivalent per day by the end of this year, that estimate does not yet contemplate the potential increase derived from its assets in Venezuela.
Repsol and Eni push to recover 6 billion USD
According to the Financial Times, both Repsol and Eni are seeking to recover close to US$6 billion combined. Both companies are part of the small group of foreign oil companies with an active presence in Venezuela and face limitations derived from years of sanctions, non-payments and political crisis.
In the short term, the reactivation of licenses opens a window of opportunity for Repsol. However, the financial situation with PDVSA remains delicate, and the effective collection of debt will depend largely on the geopolitical environment and regulatory decisions in the United States.
Source: OilPrice