The Venezuelan state oil company PDVSA and the Spanish multinational Repsol signed on June 16 a strategic energy agreement in Caracas to expand domestic hydrocarbon production and foster foreign investment.
This agreement forms part of the broader energy agenda that Venezuela is actively developing with its international partners.
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This cooperation alliance consolidates a strong relationship that spans over thirty years of continuous operations in the South American nation. The partnership intends to execute technical evaluations immediately to increase crude oil and gas extraction across key national reservoirs.
Repsol confirmed its long-term commitment to Venezuela, announcing plans to progressively scale up its financial capital and field operations to foster foreign investment and expand the productive forces of the domestic energy sector.
The strategic Memorandum of Understanding was signed at the Miraflores Palace by the President of the Venezuelan state company, Héctor Obregón, and Francisco Gea Pascual de Riquelme, the Executive Director of Exploration and Production for Repsol.
Acting President Delcy Rodríguez hosted the delegation, which also included Josu Jon Imaz, the Chief Executive Officer of the Spanish energy giant. Following the signing, Josu Jon Imaz highlighted the strategic value of the solid trajectory uniting the multinational with the country, while Héctor Obregón also addressed the attendees.
Defeating External Blockades
During the ceremony, Acting President Delcy Rodríguez emphasized that this agreement carries profound domestic and international weight by directly addressing the global energy formula and secure access. She praised Repsol for maintaining its operations in Venezuela despite intense external pressures, highlighting that the Spanish corporation stood by the nation during severe periods of unilateral coercive measures and international isolation designed to cripple development.
Furthermore, Venezuela and its international partners are currently designing strategic energy projections looking toward the year 2050. This long-term planning focuses heavily on ensuring secure, sovereign and reliable energy access for the nations of the Global South, which currently face significant developmental challenges.
Through these strategic alliances, Venezuela continues to position itself as a key guarantor of global stability, offering concrete solutions to the international energy trilemma by securing steady, continuous supplies of oil and gas under a strictly sovereign framework.
Author: Laura V. Mor
Source: Venezuelan Presidential Press
Source: teleSUR English
