The White House has summoned Repsol and other major oil companies to a meeting this Friday to discuss the oil sector situation in Venezuela. This comes one week after the US military intervention in the country and the arrest of Nicolás Maduro. The Spanish oil firm maintains a significant presence in Venezuela despite prior restrictions.
The meeting, scheduled for this Friday, will bring together the world's major oil companies, including the Spanish firm Repsol, as reported by Bloomberg on Thursday. It takes place at a critical juncture, exactly one week after the US government launched a military intervention in Venezuela and arrested President Nicolás Maduro.
In May, the United States revoked permissions for Repsol to export crude and derivatives from Venezuela, a step also taken against Italy's Eni and US-based Global Oil Terminals. Only Chevron continues operations in the Caribbean nation. Repsol, operating in Venezuela for over 30 years, holds mining rights largely undeveloped and maintains significant economic and strategic ties to the country.
Currently, Repsol has developed 280 gross square kilometers of oil surface area, shared with the state-owned PDVSA, with another 1,907 square kilometers pending development. In 2024, its net production in Venezuela reached 24 million barrels of oil equivalent, mainly natural gas for internal use to power Venezuelan electricity plants. The company produces 39,000 barrels daily, primarily from the Petroquiriquire project, where PDVSA owns 60% and Repsol 40%.
This summons highlights the multimillion-dollar stakes of Spanish companies in Venezuela, involving thousands of employees, though operations have waned.