PDVSA's CEO Héctor Obregón and Repsol Director of Exploration and Production Francisco Gea Pascual de Riquelme sign an agreement at Miraflores Palace, Caracas, on June 16, 2026. Photo: Venezuelan Presidential Press.
Venezuelan Acting President Delcy Rodríguez has held a signing ceremony at Miraflores Palace for a new memorandum of understanding with the Spanish oil corporation Repsol.
The agreement was signed this Tuesday, June 16, by the president of the publicly-owned oil company Petroleos de Venezuela (PDVSA), Héctor Obregón, and by Francisco Gea Pascual de Riquelme, executive director of exploration and production at Repsol and a member of the Executive Committee.
Petróleos de Venezuela S.A. (PDVSA) y la empresa española Repsol firmaron un Memorándum de Entendimiento en las áreas de crudo y gas. El acto de rúbrica estuvo liderado por la presidenta (E) de la República, @delcyrodriguezv, en el Palacio de Miraflores. pic.twitter.com/me1MIKa5eu
— PDVSA (@PDVSA) June 16, 2026
Analysts explain that the ceremony reaffirms Venezuela’s determination to strengthen the energy industry and improve operational capacity through international alliances.
During her address, the acting president highlighted the comprehensive scope of the negotiations underway in Venezuela. “Every agreement we are signing at Miraflores Palace,” she said, “in the areas of hydrocarbons, oil, gas, petrochemicals, and electricity for the national power grid, is an agreement and contract for the well-being of the Venezuelan people.”
Rodríguez noted that the alliances are not limited to the technical or commercial sectors, but are part of a broader strategy designed to optimize public services and economic recovery.
During the ceremony, it was explained that the new agreement aims to develop light oil fields adjacent to Lake Maracaibo. This enables the production of much-needed diluents to refine heavy oil output at the Paraguana Refining Complex in the Orinoco Belt.
Both corporations already operate the Petroquiriquire joint venture. The agreement is expected to add about 20,000 barrels per day (bpd) of light crude to the current average output of around 40,000 bpd.
The acting president concluded that by strengthening energy capabilities through cooperation with strategic partners, the government aims to guarantee the stability necessary for the country’s economic development.
Acting President of Venezuela Meets US Department of Energy Delegation
Strategic cooperation between PDVSA and Repsol
Following the signing of the memorandum of understanding between Petróleos de Venezuela (PDVSA) and Repsol, Acting President Rodríguez sent a message to international investors about the stability and development potential that Venezuela offers in the hydrocarbon sector.
“I also want to share good news: both Repsol and PDVSA, under the auspices of the Oil Ministry,” she announced, “will now continue exploring other areas of cooperation to keep growing. This is what is important, our projection toward the future.”
The government stated that the agreement not only strengthens the operational relationship between both parties but also goes beyond just the present situation by focusing on sustained growth.
Repsol was among the few international oil corporations that remained in Venezuela during the most aggressive period of the illegal sanctions led by the US empire, by seeking special OFAC licenses despite not opposing the sanctions in question.
(Diario VEA) with Orinoco Tribune content
Translation: Orinoco Tribune
OT/JRE/AU
