Repsol plans to invest $4 billion in Venezuela through 2022


Repsol plans to invest $4 billion in Venezuela through 2022


MADRID (Bloomberg) -- Repsol, plans to invest $4 billion in Venezuela through 2022 on existing projects and discoveries to more than double oil output.

The investments will peak in 2017, Cosme Vargas, the technical manager for crude oil assets for Madrid-based Repsol said in an interview at the Latin American Petroleum Show oil conference in Maracaibo in Western Venezuela.

“The company expects to increase net oil output in Venezuela from around 40,000 bpd currently to nearly 100,000 bpd by 2022,” Vargas said.

Chairman and CEO Antonio Brufau said on October 16 that his company was committed to making investments in Venezuela over the long-term. Venezuela is seeking investments from foreign partners as it looks to increase oil production to 6 MMbpd by the end of 2019.

Repsol, with an 11 % stake, also participates in the Carabobo-1 project in Venezuela’s Orinoco heavy oil belt, the largest accumulation of heavy and extra-heavy oil in the world. It has the capacity to produce 400,000 bopd, according to Petroleos de Venezuela.

PDVSA, has a controlling 60 % stake in the Carabobo-1 project while foreign partners hold the remaining 40 % stake. Petronas said September 10 that it would exit the project and PDVSA has temporarily assumed the company’s 11 % stake, according to Venezuelan Oil Minister Rafael Ramirez, who also serves as the president of the state oil company.

Partners in Carabobo-1 include Oil & Natural Gas Corp. with a 11 % stake, and Indian Oil and Oil India with 3.5 % each.

“Repsol will not acquire Petronas’ stake in the Petrocarabobo oil project,” Vargas told reporters today. The official said Indian companies were interested in assuming the stake without providing details.

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