PDVSA and Repsol expand their cooperation with new opportunities in Horcón
PDVSA and Repsol signed a memorandum of understanding to evaluate the exploration and development of the Horcón area, southeast of Lake Maracaibo, and expand oil and gas production within an operating relationship of more than three decades.
A partnership with a wider scope. The memorandum incorporates new exploration and development opportunities in Horcón, an area southeast of Lake Maracaibo, near the Barúa and Motatán fields where both companies maintain joint operations.
The signing was attended by Josu Jon Imaz, CEO of Repsol; Francisco Gea Pascual, general director of Exploration and Production at the company; Delcy Rodríguez; the Minister of Hydrocarbons, Paula Henao; and the president of PDVSA, Héctor Obregón.
PDVSA and Repsol maintain an operating relationship of more than thirty years in Venezuela.
New areas to expand production
According to information released, the development of Horcón could add approximately 20,000 barrels per day of light crude to Petroquiriquire's production, which stood between 40,000 and 45,000 barrels per day. The additional crude would contribute to supplying the Paraguaná Refining Center.
The June memorandum is part of a broader agenda that includes the March agreement on the sustainability of gas production at Cardón IV and the April agreement to strengthen the operation of Petroquiriquire. These are separate agreements, each with its own fields, scope and targets.
For investors, the addition of new areas and the definition of operating mechanisms point to a long-term energy agenda. The results will depend on the agreements being formalized, on operating conditions and on the execution of the planned investments.
