They believed in Venezuela when others turned away
En un momento donde la geopolítica y la energía se entrelazan con rara claridad, España e Italia han apostado por Venezuela cuando otros se retiraron. Repsol y Eni han formalizado su derecho a explotar el campo Cardón IV, una de las mayores reservas de gas de América Latina, con una producción diaria de 580 millones de pies cúbicos. El acuerdo no es solo comercial: es una señal de que Venezuela, tras años de aislamiento, busca reintegrarse en los circuitos globales de inversión energética. El resultado dependerá menos de la geología que de la política.
- Venezuela firmó un acuerdo estratégico con Repsol y Eni para explotar Cardón IV justo semanas después de que Estados Unidos lanzara ataques militares en el país, convirtiendo la tensión geopolítica en una inesperada apertura inversora.
- La presidenta interina Delcy Rodríguez presentó el pacto como una reivindicación nacional, destacando que estas empresas europeas permanecieron en Venezuela cuando el resto abandonó el barco.
- Repsol ya tiene las licencias necesarias y planea triplicar su producción de crudo hasta 135.000 barriles diarios, con un plan trienal 2026-2028 que incluye renovación de infraestructuras y ampliación de operaciones.
- El acuerdo busca garantizar el suministro interno de gas y la generación eléctrica del país mientras abre la puerta a las exportaciones, respondiendo a una ley de hidrocarburos reformada y aprobada por unanimidad en enero.
- La apuesta de las empresas europeas sigue siendo frágil: su rentabilidad depende de la estabilidad del gobierno venezolano, la política de sanciones internacionales y fuerzas que ningún contrato puede controlar.
El jueves, Venezuela cerró un acuerdo con Repsol y Eni para desarrollar el campo gasífero Cardón IV, uno de los mayores de América Latina, con una producción actual de 580 millones de pies cúbicos diarios. La firma estuvo presidida por la presidenta interina Delcy Rodríguez, junto a la nueva ministra de hidrocarburos y el presidente de PDVSA. Rodríguez aprovechó el momento para elogiar a las dos compañías europeas por no haber abandonado Venezuela durante sus años más difíciles.
El contexto geopolítico que rodea el acuerdo es extraordinario. Solo semanas antes, en enero, el CEO de Repsol, Josu Jon Imaz, se reunió en la Casa Blanca con el presidente Trump y representantes de casi veinte petroleras, comprometiéndose a triplicar la producción de crudo venezolano hasta unos 135.000 barriles diarios. Esa reunión tuvo lugar tras ataques militares estadounidenses en el país, una paradoja que abrió puertas en lugar de cerrarlas.
El pacto sobre Cardón IV garantiza el abastecimiento interno de gas y la generación eléctrica, al tiempo que permite las exportaciones. Repsol ya cuenta con las licencias necesarias y en febrero anunció planes para restaurar instalaciones, sustituir equipos y retomar operaciones con su equipo completo. Todo ello se enmarca en un plan estratégico 2026-2028 que apunta a una expansión sostenida junto a PDVSA.
Este movimiento se apoya también en un cambio legislativo: el parlamento venezolano aprobó en enero, por unanimidad, una reforma de la ley de hidrocarburos orientada a atraer inversión extranjera. Repsol está apostando a que el sector energético venezolano ha vuelto a estar abierto al mundo, aunque el éxito de esa apuesta dependerá tanto de la geopolítica y las sanciones como del propio subsuelo.
On Thursday, Venezuela's interim government sealed a deal with two European energy companies to develop one of Latin America's largest gas reserves. The agreement, signed by interim president Delcy Rodríguez, brings together Spain's Repsol and Italy's Eni to operate the Cardón IV field, which currently produces 580 million cubic feet of gas per day. The field sits at the center of Venezuela's energy strategy—both to keep the lights on at home and to generate export revenue.
Rodríguez framed the moment as vindication. She praised Repsol and Eni for staying in Venezuela when other companies fled, for believing in the country during what she called its hardest years. The interim president signed alongside Paula Henao, the new hydrocarbon minister, and Héctor Obregón, president of state oil company PDVSA. Repsol's representative, Gonzalo Antonio Carrillo Recalde, signed for the European firms, with Francisco Gea Pascual de Riquelme, Repsol's head of exploration and production, also present.
The deal represents a significant shift in Venezuela's energy landscape. Just weeks earlier, in January, Repsol's chief executive Josu Jon Imaz sat in the White House with President Donald Trump and representatives from nearly twenty oil companies. There, Imaz pledged that Repsol would invest aggressively in Venezuela and triple its crude production to roughly 135,000 barrels daily. That meeting came after the U.S. had launched military strikes in the country—a moment of extraordinary geopolitical tension that somehow opened the door for foreign energy investment rather than closing it.
The Cardón IV agreement guarantees gas supplies for Venezuela's domestic needs and power generation while permitting exports. Repsol has already received the licenses it needs to operate, and in February the company announced it was preparing to restore and expand daily operations. The company plans to refurbish production facilities—replacing pumps, upgrading infrastructure—and resume normal activities with its full team on the ground.
This deal sits within a broader strategic push. In January, Venezuela's parliament, controlled by the ruling party, unanimously approved a reformed hydrocarbon law designed to attract foreign investment. Repsol's three-year plan for 2026 through 2028 explicitly targets expanded operations with PDVSA and increased productive capacity. The company is betting that Venezuela's energy sector, long isolated by sanctions and political crisis, is now open for business again. Whether that bet pays off depends on forces far beyond the oil fields themselves—on geopolitics, on sanctions policy, on the stability of the government that signed the deal.
Citas Notables
I am very pleased that it is with the hand of two European companies that stayed in Venezuela, that believed in Venezuela and did not turn their backs on our people— Interim President Delcy Rodríguez
Repsol is prepared to invest strongly in Venezuela and to triple its crude production in the South American country to approximately 135,000 barrels daily— Repsol CEO Josu Jon Imaz, speaking at the White House in January
La Conversación del Hearth Otra perspectiva de la historia
Why would European oil companies commit to Venezuela right now, given all the political instability?
Because the interim government just changed the rules. They passed a new hydrocarbon law specifically to attract foreign investment, and they're offering access to massive reserves like Cardón IV. For a company like Repsol, that's a long-term play—they're betting the political situation stabilizes.
But Repsol already operates there. Why is this deal different?
Scale and commitment. They're not just maintaining existing operations—they're tripling crude production and investing heavily in facility upgrades. This is expansion, not survival. The White House meeting in January signaled that the U.S. is willing to work with foreign energy companies in Venezuela, which changes the calculus entirely.
What does Cardón IV actually mean for Venezuela's economy?
It's the difference between having enough gas to run the power grid and having surplus to export. Right now they produce 580 million cubic feet daily from that field. With proper investment, that becomes revenue. It also means less blackouts, which matters for everything else—hospitals, industry, daily life.
Is this a sign that sanctions are lifting?
Not officially. But the fact that Repsol's CEO met with Trump and then the company received operating licenses suggests the U.S. is selectively allowing energy deals. It's more complicated than simple sanctions relief—it's strategic accommodation.
What's the risk for Repsol?
Political reversal. If the government changes, if international pressure increases, if the U.S. policy shifts again, those investments could be frozen or seized. They're betting on stability that doesn't yet exist.