OIL COMPANY · SPANISH OPERATOR
Repsol
Repsol is the Spanish oil company with joint ventures and supply deals in Venezuela under OFAC authorization. Its operation gauges the European role in the oil opening.
VE Pulses
03Washington rewrites the rules of Venezuela's oil and gold into a single framework, with an explicit veto on Chinese capital
The opening is no longer a collection of permits but a regime: wider than ever, administered in Washington and revocable with a single signature.
Exxon sits with the U.S. Embassy in Caracas, Venezuela goes to Houston for inputs and Darren Woods crosses Canadian heavy oil data with the Faja
Exxon stops being a rumor and turns into bilateral meetings and operational engineering, Saudi Arabia cedes its Indian share and Caracas opens a Drilling School — three movements that fix the upstream timeline.
Weekly close: Exxon nears Venezuela deal, Conoco rejects 95% take, Delcy heads to India and BVC raises capital
The apertura now has a name moving and a name objecting — Exxon close to an announcement, Conoco putting a numeric ceiling on what the framework can ask.
Analysis
02Repsol Returns to Venezuela: The Investment-Against-Debt Model and What It Means for ConocoPhillips' $12B
Repsol regains operational control of Petroquiriquire (40/60 with PDVSA), plans to increase output 50% in 12 months and triple it in three years despite $4.55B in outstanding debt. The deal includes new payment guarantees via crude exports.
GL 50A: The named license — 6 majors authorized for unrestricted operations in Venezuela's oil sector
OFAC named six companies in an annex: Chevron, BP, Eni, Repsol, Shell, and Maurel & Prom. For these companies and their subsidiaries, GL 50A authorizes all transactions related to oil and gas operations in Venezuela.
Sector Briefs
05Chevron Q1 revela 1–2% del CFO (cash flow operativo) en Venezuela; producción cruza 1.23M bpd y GL 5W señala coordinación con Citgo
Brief VE-ENERGY-UPSTREAM mayo 2026. El upstream entra en fase de ejecución contractual: exportaciones cruzan 1.23M bpd en abril (máximo en 7 años, +14% intermensual), Chevron en su call Q1 (1 may) confirma Venezuela = 1–2% del CFO (cash flow operativo) con cuenta por cobrar de $1.5B en amortización a 2027 y sin compromiso de capex incremental antes de clarificación fiscal. GL 5W (4 may) extiende protección bono PDVSA 2020 hasta 19 jun — extensión más corta en dos años, señal de coordinación Treasury con proceso judicial Citgo en Delaware. Repsol Petroquiriquire, Eni Junín-5 y Maurel & Prom operativos bajo GL 50A.
Production crosses 1 million bpd and majors sign: upstream closes Q1 with complete framework and binding power ceiling
VE-ENERGY-UPSTREAM April 2026 brief. Hydrocarbons reform passed (Jan 29), OFAC GL 52 (Mar 18), formal returns from Eni, Repsol and Chevron in April. Production 1.095M bpd, exports >1M for the first time in 6 months. India overtakes China as top buyer at 343K bpd. Revenues channeled to U.S. Treasury custody via EO 14373. The binding ceiling remains electrical (covered in VE-ENERGY-DOMESTICO).
Venezuelan power sector: $15–40B to light up a country Siemens and GE already inspected
VE-ENERGY April brief. GL 48A active, Wright in February, Siemens/GE inspections in March, Delcy announcement in April. The legal-enablement layer is closed; payment mechanism and power reform are not. The power constraint ceilings oil production at 1.2M bpd.
The oil opening in numbers: regulatory framework, production, OFAC licenses
The oil opening in numbers. Regulatory framework, production, OFAC licenses, and the players positioning themselves.
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and exchange rate
Multidimensional assessment: political, regulatory, operational, fiscal, sanctions, legal, social and FX.
OFAC Licenses
02GL 50A — Oil and Gas Sector Operations
Authorizes specific operations in the Venezuelan oil and gas sector including field development, infrastructure, transportation, and commercialization by foreign operators (Repsol, Eni, BP, Shell, Maurel & Prom).
GL 46B — Expanded Venezuelan Oil and Petrochemical Trade
Expanded version of GL 46 extending authorizations to activities involving Venezuelan-origin oil, petrochemical products, and supply of goods and services to the sector. Captures Repsol/Eni/M&P relationships without requiring specific licenses.
Related entities
Official sources
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