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The White House summoned major international oil companies on Thursday, including the Spanish company Repsol, to discuss the future of the Venezuelan energy sector following the United States' intervention in the South American country and the capture of President Nicolás Maduro.
According to what the agency Bloomberg reported, the meeting will be held in Washington with executives from the largest oil companies in the world, just a week after the military operation ordered by President Donald Trump that led to the change of power in Caracas.
The meeting aims to define the new energy and trade framework for Venezuela, a country with the largest proven oil reserves in the world, amidst a context of political reconfiguration and a review of the sanctions and licenses that had allowed limited operations by foreign companies in Venezuelan territory.
In May, the U.S. government revoked the permits that allowed Repsol to export crude oil and derivatives from Venezuela, a decision that also impacted the Italian company Eni and the American Global Oil Terminals.
These companies operated in the country alongside Chevron, the only American oil company with an active presence under specific licenses.
Repsol is the Spanish company with the strongest economic and strategic ties to Venezuela, where it has been operating for over three decades.
The company holds mining rights over extensive areas of the country, although a significant portion of those areas remains undeveloped.
Currently, Repsol has developed approximately 280 square kilometers of oil surface in partnership with the state-owned Petróleos de Venezuela (PDVSA), while another 1,907 square kilometers remain pending development.
In 2024, the company's net production in Venezuela reached 24 million barrels equivalent of oil, mostly natural gas intended exclusively for domestic consumption in Venezuela and electricity generation.
Repsol's daily production in the country is around 39,000 barrels, primarily in the Petroquiriquire project, which is 60% owned by PDVSA and 40% by the Spanish company.
The White House's announcement reinforces President Trump's intention to redefine the control and marketing of Venezuelan oil, as well as to facilitate the eventual return of American and international companies under new political and economic conditions.
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