Repsol Regains Operational Control of Venezuelan Oil Assets

Repsol signed a deal with Venezuela to regain control of its oil assets. The agreement allows the Spanish firm to lead operations and boost local production.

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The energy firm REPSOL SA is preparing to take back operational control of its oil-related assets in Venezuela, according to a report from the Financial Times on Thursday. This development follows a newly signed agreement with the local government, which is expected to facilitate a significant increase in crude production.

A group of people gathered in front of the Repsol corporate headquarters in Madrid, Spain, on January 9, 2026. REUTERS/Susana Vera
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