Repsol’s Imaz Comments on Venezuela Situation, Cardon IV Production

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(Energy Analytics Institute, 22.Feb.2024) — Repsol CEO Josu Jon Imaz commented on the Spanish company’s operations in Venezuela under Washington’s most recent OFAC license.

“We are putting the same metrics we had in November before the license approved by the American administration at the end of the year. That means that we are taking a prudent position. We are taking a position where we are mainly producing gas,” Imaz said 22 Feb. 2024 during the company’s quarterly webcast with analyst.

Imaz said the Repsol’s joint venture with Italy’s Eni, Cardon IV, was producing 580 million cubic feet a day (MMcf/d).

“So we have increased with the debottlenecking and so on with short investment, the gas production. And we are lifting cargoes to be paid by this gas — for this gas we are producing. I think that we lifted almost 10 million barrels over the whole 2023 year that came, 95% of them, through our refining system. And that is the operation we are seeing also for coming years,” Imaz said.  

“It’s true that we have good news from December on because the new license means that we are going to be able to increase our exposure in the oil production we have in the country. In our case, in Petroquiriquire, investments we have there in the JV, we are starting to develop a strategy to do that. You know that all that is also subject to a complex social, political and economic arena,” Imaz added.


By Aaron Simonsky. © Energy Analytics Institute (EAI). All Rights Reserved.

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