Spanish oil company Repsol does not include its Venezuelan business in its 2026-2028 forecast update because they prefer to work with a base scenario, and having this represents "a strong advantage" after the authorization of operations in the country, explained Repsol CEO Josu Jon Imaz on Tuesday.
During the "Capital Markets Day" event in Madrid, Imaz reiterated their commitment to "preparing to increase oil production by 50% in the next twelve months and triple it in the following years."
In this regard, he reiterated that, having received operating licenses in Venezuela, they are prepared "to increase their position in the country" and that they are confident they will be able to do so with the cash flow they will obtain, EFE reports.
The multinational energy company's strategic roadmap for the three-year period 2026-2028 envisions a total investment of between €8.500 billion and €10.000 billion. The plan emphasizes a financial pragmatism that prioritizes high-yield assets, with particular emphasis on the potential for improved operations and cash flow in its projects in Venezuela.
"Things are not going to change dramatically, of course we are going to have a higher cash flow from operations and in terms of debt things could be better, things are not going to change dramatically in the next one or two years, but we are going to increase production from the platform we have in the country," he specified.
Imaz noted that in Venezuela they have two joint ventures, so any impact on cash flow from operations will not have an immediate effect, but rather through the effect of dividend policies in these joint ventures.
The executive also stressed that there will not be a "strong" impact on the accounts in the short term, so Venezuela is "decoupled" from the update of its forecasts for the period up to 2028.
Furthermore, he did not rule out that, if "the challenge is very big in the future," they may need partners for it.
"We are fully committed to being part of the country's growth and transformation. We must emphasize that Venezuela needs oil and gas revenues," he added.
"Venezuela has been one of our assets for years, and we are prepared to take advantage of the opportunity that is now opening up for us," he said.
The goal: to achieve 135.0000 barrels
Imaz participated on January 9 in a meeting held at the White House with US President Donald Trump, several members of his cabinet and representatives of nearly twenty oil companies, and in which he expressed to the US president that the company is prepared to "invest heavily in Venezuela" and to triple its crude oil production in the Caribbean country, to approximately 135.000 barrels per day.
Repsol already recorded in its 2025 documentation a reduction in its asset exposure in Venezuela to 276 million euros, 45% less than the 504 million euros at the close of 2024.
Thus, the report details that this asset exposure primarily includes accounts receivable from PDVSA of Repsol Exploration, the financing granted to Petroquiriquire, and the investment in Cardón IV and Petroquiriquire.
Podemos insists on the need to nationalize Repsol
The Secretary General of Podemos, Ione Belarra, insisted on the need for the Government to nationalize Repsol and to build a public food distribution company, among other measures to guarantee affordable energy and food prices for the working class, in the face of the foreseeable effects of the war in Iran.
It's worth noting that back in February, the Sánchez government had already vetoed the bill presented by Podemos to nationalize Repsol and turn it into a public energy company, arguing that it would cost €8.960 billion. The Podemos party believes that this response demonstrates the viability of the measure, which would lower electricity bills and address the climate emergency.
