Repsol agrees Venezuela deal to boost oil production and regain control of assets [Yahoo! Finance]
REPSOL SA SP/ADR (REPYY)
NASDAQ:AMEX Investor Relations:
repsol.energy/en/shareholders-and-investors/index.cshtml
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Source: Yahoo! Finance
The deal is expected to include a mechanism to secure payments through oil shipments and could enable Repsol to significantly expand output, including plans to triple production within three years. "This agreement underscores Repsol's commitment to Venezuela, where we have operated without interruption since 1993," said Repsol's Executive Managing Director of Exploration and Production, Francisco Gea, after the signing of the contract. "We have the assets and the technical, operational, and human capacities on the ground to increase our production in the country." The agreement represents a significant turnaround in the company's position in Venezuela after years of operational constraints linked to US sanctions on the country's energy sector. According to expectations, the new framework will allow Repsol to avoid the defaults it suffered in the past and to operate with greater financial security alongside the state-owned oil and gas company of Venezuela, PDVSA. Although the
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