Italy Spanish oil company ready to invest in Venezuela
Spain's largest oil and gas company Repsol has declared its willingness to invest in Venezuela at a meeting of oil executives with US President Donald Trump. "We are ready to invest more in Venezuela and to triple production there in the next two to three years," said Repsol CEO Josu Jon Imaz at the White House in Washington.
10.01.2026, 15:27
SDA
The Basque-born manager stated Repsol's current daily production in Venezuela at 45,000 barrels (159 liters each), as can be seen in a video of the meeting published by the Spanish newspaper "El País". Repsol is active in Venezuela together with the Italian company Eni.
Just a few days after the attacks in Venezuela, Trump had urged managers from US oil companies in particular, as well as some foreign companies such as Repsol and Eni, to become heavily involved in the South American country. After the meeting, he spoke of an agreement whereby US oil companies would invest hundreds of billions of dollars in Venezuela. He was not more specific. However, at the beginning of the meeting, when the press was still present, Exxon CEO Darren Woods had said that the legal and economic conditions in Venezuela currently made investment impossible.
Venezuela has the largest oil reserves in the world with an estimated 303 billion barrels. These are mainly heavy oil, which can only be refined using special technology - several refineries on the US Gulf Coast specialize in this. Despite the enormous reserves, Venezuela's oil industry is ailing. According to experts, reconstruction is likely to take years and require billions in investment.
