Spanish energy giant Repsol plans to triple its oil production in Venezuela over the next three years after securing a crucial US permit. The Spanish company expects production to soar following the authorization, which allows it to resume operations in the South American nation. This marks a significant expansion of Repsol's presence in Venezuela's oil sector.

The US permit represents a major development for both Repsol and Venezuela's struggling oil industry. The Spanish company had previously scaled back operations due to US sanctions on Venezuela's energy sector. With this new authorization, Repsol can now increase its investment and operational capacity in Venezuelan oil fields, potentially boosting output from current levels.

This expansion comes as Venezuela seeks to revitalize its oil production, which has declined dramatically in recent years. For Repsol, the move represents a calculated bet on Venezuela's potential to increase output despite ongoing economic challenges. The Spanish company's ability to secure US approval signals growing confidence in Venezuela's oil sector and could encourage other international energy firms to explore similar opportunities.