Venezuela: Repsol and PDVSA Sign Memorandum to Explore Horcón, a New Oil Block Southeast of Lake Maracaibo

CARACAS — Repsol and Petróleos de Venezuela (PDVSA) have signed a memorandum of understanding that opens the door to the exploration and development of the Horcón block, a new area with hydrocarbon potential located southeast of Lake Maracaibo. The signing took place at the Miraflores Palace, the seat of the Venezuelan executive, in a ceremony presided over by Acting President Delcy Rodríguez and attended by Minister of People's Power for Oil Paula Henao and PDVSA President Héctor Obregón.

The document was signed by Josu Jon Imaz, chief executive officer of Repsol, and by Obregón. The Spanish delegation was joined by Francisco Gea Pascual, Repsol's director general for exploration and production. On the Venezuelan side, Henao oversaw the technical scope of the agreement.

An Energy Agenda Looking to 2050

After the signing, Acting President Delcy Rodríguez summed up the strategic meaning of the memorandum in a single phrase that frames the horizon of bilateral cooperation.

"Both Repsol and PDVSA will now continue exploring other areas of cooperation in order to keep growing — what matters is projection toward the future. We are talking about an energy agenda that projects out to 2050." — Delcy Rodríguez, acting president.

The statement captures the spirit of the document: this is not an isolated transaction but rather the addition of a new asset to a stable, sustained and long-term relationship between the Spanish company and the Venezuelan state.

Horcón: A New Area Southeast of Lake Maracaibo

The Horcón block lies southeast of Lake Maracaibo, in one of the country's historically most productive basins. The memorandum authorizes Repsol and PDVSA to deepen technical studies of the area, gather reservoir data and assess the feasibility of exploration and production development.

Horcón will be added to the operating portfolio of Petroquiriquire, the joint venture owned by PDVSA (60%) and Repsol (40%) that has channeled the two companies' joint operations in Venezuelan territory for years. The addition of the new block expands the joint venture's operating area and opens a growth horizon in a zone with proven potential.

In a broadcast on Venezolana de Televisión (VTV), PDVSA President Héctor Obregón said the agreement represents "the incorporation of new exploration opportunities" into Petroquiriquire, in line with the state-owned company's strengthening road map.

Offshore Natural Gas: The Second Pillar of the Memorandum

The document signed Tuesday also includes a second line of work: cooperation on natural gas off the Venezuelan coast. The two companies agreed to deepen technical studies and data collection on offshore gas reservoirs.

The agreement fits into a coherent sequence. In early 2026, Repsol and Eni — its partner in the Cardón IV asset, owned 50% by each company — signed an agreement aimed at ensuring the sustainability of natural gas production during the year. The new memorandum with PDVSA broadens Repsol's offshore gas footprint along the Venezuelan coast, in line with the national priority of tapping offshore potential.

Repsol in Venezuela: 33 Uninterrupted Years

Repsol has maintained uninterrupted operations in Venezuela since 1993. The company's operational continuity over more than three decades makes it one of the most stable international partners in Venezuela's hydrocarbon sector. The signing of the Horcón memorandum confirms the intent to extend that record into a new cycle of expansion.

During the meeting, the parties also reviewed the operational progress of existing assets, the payment mechanisms tied to ongoing agreements, the investments already committed to ensure continuity and growth of operations, and the crude shipment plan for the months ahead.

CEO Josu Jon Imaz has stated in recent appearances the goal of tripling Repsol's crude production in Venezuela to roughly 135,000 barrels per day. That projection, tied to the expansion of Petroquiriquire and the incorporation of new areas such as Horcón, signals the scale of the Spanish company's investment commitment to the country.

Fourth Energy Memorandum of the Year

The Repsol-PDVSA agreement adds to a series of international memoranda signed by Caracas throughout 2026, within the framework of strengthening Venezuela's energy sector and cooperation with strategic operators. The succession of agreements — with European, North American and Asian partners — forms a sustained pattern of investment and international engagement around the hydrocarbons matrix and the electricity sector.

The Horcón agreement also updates the original framework agreement signed between Repsol and Venezuela in 2023, expanding it to a new exploration and development area.

A Horizon Toward 2050

The phrase chosen by Acting President Delcy Rodríguez to close the ceremony — "an energy agenda that projects out to 2050" — sums up the meaning of the memorandum. This is not a short-term operation but the addition of a new block to a sustained cooperation architecture with one of the country's most stable international operators.

Horcón, southeast of Lake Maracaibo, thus enters Petroquiriquire's production planning in a scenario that combines exploration expansion, offshore gas development and a time horizon that extends well beyond the current cycle.

Javier "El Profe" Romero — Caracas