Oil/News
Maurel & Prom and Repsol project production increases in Venezuela by end of 2026
Companies expect to reach 23,000 barrels per day and a 50 percent increase respectively after receiving U.S. licenses
Maurel & Prom estimates its production in Venezuela will reach 23,000 barrels per day by the end of 2026.
Repsol aims to increase its production by at least 50 percent in its western fields by the same date.
These targets follow the receipt of U.S. licenses allowing both companies to operate in Venezuela, a measure also granted to BP, Chevron, Eni and Shell.
The projections were presented during the Venezuela International Oil and Gas Summit held in Caracas.
César Álvarez, general manager of Maurel & Prom, indicated that the company expects to close the year at that level despite delays in some activities.
He noted that initial expectations had been perhaps overly optimistic.
Ludwing Mercado, operations manager for Repsol Venezuela, said the company seeks a 50 percent increase in its production.
The consulted sources reported the statements made at the event.
