en.Wedoany.com Reported - Repsol has signed a letter of intent with Venezuela's Ministry of Hydrocarbons (Ministerio de Hidrocarburos de Venezuela) and state oil company PDVSA (Petróleos de Venezuela, S.A.) to jointly analyze the exploration and development potential of a new oil area named Horcón. Located southeast of Lake Maracaibo (lago de Maracaibo), the agreement was signed in Caracas during a meeting involving Repsol representatives, Venezuelan government officials, and PDVSA executives.

In addition to assessing the potential of this new area, the parties expressed interest in advancing further studies related to natural gas opportunities off the coast of Venezuela. The Horcón area is located between the Barúa and Motatán fields, which are part of Repsol's asset portfolio in the country.

The company noted that this memorandum of understanding is part of its strategy to strengthen operations in Venezuela. Repsol has been continuously active in the country since 1993. During the meeting, participants also reviewed the operational progress of the company's current assets in Venezuela, as well as issues related to investment and payment mechanisms under existing agreements.

At the same time, the agreement considers analyzing potential opportunities in the offshore natural gas sector to deepen the study of Venezuela's offshore hydrocarbon reservoirs. This initiative complements other recent agreements pursued by Repsol in the country, aimed at strengthening oil and gas production and consolidating its role in developing Venezuela's energy potential.

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