Guacamaya, April 30, 2025. This Wednesday, Josu Jon Imaz, CEO of Repsol, shared that the Spanish company is in direct talks with the U.S. government to continue operating in Venezuela.
This comes just after Washington decided to revoke the license that allowed the company to work in Venezuela’s oil sector. The decision, which will take effect on May 27, primarily impacts secondary activities, as Repsol is mainly focused on natural gas production, which accounts for 85% of its output in the country.
After presenting the first-quarter results for 2025, Imaz stated that Repsol is in communication with U.S. authorities to ensure its operations in Venezuela can continue. He also noted that in March, the company received a formal notification about the revocation of its oil business license—a decision originally made by Donald Trump’s administration.
Washington’s move is part of a broader set of sanctions reimposed by Trump after his return to power. These sanctions include a 25% tariff on Venezuelan oil imports, which has led many companies in the sector to halt purchases. Despite this, Repsol maintains that its focus in Venezuela is more tied to gas, an area not directly affected by the license revocation, though it remains exposed to political tensions.
Imaz chose not to speculate on the potential financial consequences of the situation but emphasized that the company has strictly complied with international regulations. “Our priority is to protect the interests of the company and our employees in the country,” he stated firmly.
This announcement reignites the debate over the future of foreign investments in Venezuela, particularly as the U.S. increases pressure on companies linked to PDVSA, Venezuela’s state-owned oil firm, which has been under sanctions since 2019. As Repsol works to maintain its position in the country, natural gas could become a new point of contention between Washington and Caracas, further complicating the landscape for the company and others operating in the region.
