Repsol Poised for Venezuelan Oil Resurgence

Repsol is set to regain control of its Venezuelan oil operations and increase production, as reported by the Financial Times. A deal with Venezuela was signed, aiming to triple oil output within three years and establish a secure payment system, avoiding previous financial obstacles.

Spanish energy giant Repsol is on the verge of reclaiming operational control of its Venezuelan oil ventures, as per a report by the Financial Times.

The media outlet indicated that Repsol could reveal the deal imminently, which will triple oil production within three years and establish a reliable payment system.

Despite Venezuela's large oil reserves, energy infrastructure has declined. The U.S.'s recent easing of sanctions facilitates global energy companies' operations within the nation.

(With inputs from agencies.)