Spanish energy group Repsol is set to regain operational control of its Venezuelan oil assets after signing a new agreement with Caracas. The deal, slated for public disclosure on Thursday, promises to lift production at the Petroquiriquire field, where the company holds a 40% stake, by 50% within a year. It follows a 2023 pact that lapsed when U.S. sanctions revoked licences.

Petroquiriquire produces roughly 45,000 barrels per day, and Repsol aims to triple output to about 135,000 bpd within three years. A payment guarantee will protect the firm from past defaults, though Caracas has not committed to repay the $4.55 bn Repsol claims it is owed for earlier oil and gas deliveries. The arrangement also involves state oil giant PDVSA and mirrors recent U.S.-backed deals such as Chevron’s expansion.

Venezuela’s output has slid to about 1 million barrels daily, far below its 1990s peak, as sanctions and mismanagement throttled the sector. Repsol’s renewed stake signals confidence that Washington’s easing of “maximum pressure” sanctions will unlock investment, while the guaranteed payment structure aims to secure cash flow for both parties. The move could restore a slice of the country’s once‑vast export capacity.