Spain’s Repsol Bets on Venezuela Oil, Parks $5.4Bn Debt
Energy
Key Facts
—The priority. Repsol says it will focus on raising output in Venezuela rather than pressing to recover its historic debt.
—The debt. Venezuela owes Repsol about 4,550 million euros (US$5.4 billion) in commercial debt and interest, plus financing for a joint venture.
—The output. Repsol kept Venezuelan production steady at about 71,000 barrels of oil equivalent per day in the first half of 2026.
—The plan. The company says it can raise output 50% within a year and triple it over three years.
—The stance. CEO Josu Jon Imaz said now is the time to be paid for current production, not to chase old debts.
Spain’s Repsol wants to pump far more oil in Venezuela, and worry later about the billions it is owed. In its Repsol Venezuela strategy, the company is putting production ahead of a decades-old debt.
Repsol is one of several foreign oil companies still operating in Venezuela, a country with vast reserves but a battered economy and a complicated sanctions landscape.
Its message now is pragmatic: pump first, collect later.
Production Before Debt
Chief executive Josu Jon Imaz said the priority is to recover normal commercial operations, meaning Repsol gets paid for the oil it produces today, and to set aside the debate over Venezuela’s historic debt for now.
In the first half of 2026, Repsol held its Venezuelan output roughly flat at about 71,000 barrels of oil equivalent per day.
The Billions Owed
The sums at stake are large. Venezuela owes Repsol around 4,550 million euros (US$5.4 billion) in commercial debt and accumulated interest, on top of financing tied to its Petroquiriquire joint venture with the state oil company PDVSA.
Rather than press to collect, Repsol is betting that keeping the oil flowing, and getting paid for it, is the better path back to value.
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The Growth Bet
The company says it can lift Venezuelan production by 50% within 12 months and triple it over three years, a sign it sees room to expand despite the risks.
Its equity exposure in the country rose to 361 million euros by mid-year, from 276 million euros at the end of 2025.
Why It Matters
Foreign investment in Venezuela‘s oil is closely watched, both for what it says about the country’s economy and for the geopolitics around its energy.
Repsol’s choice to grow output while parking the debt question is a wager that Venezuela’s oil sector is stabilizing enough to be worth the risk.
Frequently Asked Questions
What is Repsol’s strategy in Venezuela?
Repsol is prioritizing raising oil production and getting paid for current output over pressing to recover Venezuela’s historic debt to the company.
How much does Venezuela owe Repsol?
About 4,550 million euros (US$5.4 billion) in commercial debt and accumulated interest, plus financing linked to the Petroquiriquire joint venture with PDVSA.
How much oil does Repsol produce in Venezuela?
Repsol held output roughly steady at about 71,000 barrels of oil equivalent per day in the first half of 2026, and says it could raise that 50% within a year and triple it in three years.
Sources
- El Periodico de la Energia – Imaz (Repsol) prioriza elevar la produccion en Venezuela y aparca el debate de la deuda
- La Republica – Venezuela le debe US$5.370 millones al grupo energetico Repsol
Connected Coverage
- Batista Brothers Expand Venezuela Oil Bet With PDVSA Stake
- Nutresa Buys Venezuela’s Tío Rico Ice Cream for US$30M
- Spain’s Repsol Bets on New Venezuelan Oil Ground as Majors Return
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