Eni, Repsol Seek Operational Control Of Venezuelan Oil Fields

Italy’s Eni and Spain’s Repsol are pressing Venezuelan President Nicolas Maduro for greater control of their operations in Venezuela, which could add an additional 50-80kbpd of oil output, people familiar with the matter said.

• Eni and Repsol are reviewing drafts of contracts after holding a series of meetings members of government in which they asked for operational control at oil and gas ventures jointly held with state energy company PDVSA, according to people familiar with the matter.
• Both companies began negotiations with Venezuelan officials in mid-2022. But the negotiations have taken on momentum more recently. The Venezuelan government has requested that in exchange for more control at oil fields, the companies make investments in gas projects.
• Eni, Repsol and French company Maurel et Prom have the capacity to pump an additional 50-80kbpd if they increase operations in the country, according to Francisco Monaldi, lecturer at Rice University.
• Eni And Spain received authorization from the US State Department earlier this month to take Venezuelan crude to Europe in exchange for outstanding debt. Both firms will load 4mn barrels of Venezuelan crude through March.