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Repsol Reaches Deal to Boost Oil Production in Venezuela

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Repsol (REP.MC) will increase oil production in Venezuela and regain control of an oil asset in the country as part of a deal with the government.

The agreement with the Venezuelan Ministry of Hydrocarbons and the state-owned Petróleos de Venezuela will allow Repsol to reassume operational control of the Petroquiriquire oil asset and guarantee payment mechanisms, according to a Thursday release.

The Spanish oil and gas giant's gross oil production in Venezuela stands at 45,000 barrels per day, mainly from the Petroquiriquire joint venture, in which it holds a 40% stake. Petróleos de Venezuela owns the remaining 60%.

Repsol plans to increase production in the country by 50% within 12 months and to triple it over the next three years. Repsol said the deal is within the scope of a license issued by the US administration.

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