Repsol Gets Green Light to Expand Oil and Gas Operations in Venezuela

Spain's Repsol has secured a license from the U.S. Treasury Department to continue and grow its oil and gas ventures in Venezuela. The company, in partnership with PDVSA, is set to expand existing joint projects by incorporating two additional fields.

Spain's Repsol has received a license from the U.S. Treasury Department authorizing the energy company to continue and expand its oil and gas business in Venezuela, sources close to the decision said on Thursday.

Repsol has several joint ventures with Venezuela's state oil company PDVSA to produce crude and gas in the country. The two firms recently agreed to expand one of the joint venture projects by adding two large fields.

Repsol did not immediately reply to a request for comment. The Treasury declined to comment.