Spanish energy giant Repsol has received a licence from Washington to keep operating in oil-rich Venezuela without running afoul of sanctions that were reimposed last month, oil minister Pedro Tellechea said Friday.
Washington slapped sanctions back on Caracas six months after lifting them, after president Nicolas Maduro鈥檚 government continued its repression of opponents ahead of July elections.
Caracas signed a contract with Repsol when the oil embargo was lifted, and agreed in April to boost joint production of oil and gas.
However, Washington now requires companies to apply for individual licences to keep operating in Venezuela.
Tellechea said he was optimistic that Venezuelan oil production would reach one million barrels this year, partly due to the deal with Repsol.
He said production currently stood at 9,24,000 barrels per day.
鈥榃e will start to see what Repsol鈥檚 partners are (producing) and we are pleased that they have just given them the licence,鈥� Tellechea told a manufacturers forum.
The American oil company 鈥楥hevron has its licence and a certain number of companies are in the process of receiving theirs,鈥� he added.
According to the Organisation of the Petroleum Exporting Countries (OPEC), Venezuela鈥檚 oil production, which stood at over three million barrels a day 15 years ago, before plummeting to 6,80,000 in 2022.
Production edged up to 7,50,000 barrels a day in 2023.
The US Treasury鈥檚 Office of Foreign Assets Control has this month approved licences for French oil group Maurel & Prom (M&P) and service providers, such as Halliburton, Schlumberger, Baker Hughes and Weatherford International.
