Spain’s Repsol has signed a memorandum of understanding with Venezuela’s Ministry of Hydrocarbons and state oil company PDVSA to study the development of a new oil area called Horcón, located southeast of Lake Maracaibo — a zone adjacent to fields where Repsol already holds operations.
Venezuela has formalized a licensing agreement with Shell for the development and production of the Loran gas field, the Venezuelan side of the cross-border Loran-Manatee accumulation shared with Trinidad and Tobago.
Colombian President Gustavo Petro and Venezuelan acting president Delcy Rodríguez declared energy integration the cornerstone of a revived bilateral relationship following a summit at the Miraflores Palace in Caracas on April 24.
Eni and Repsol have reached a new agreement with Venezuela to expand production at the Perla gas field in the Gulf of Venezuela — the largest gas discovery in Latin America — with an eye toward eventually exporting liquefied natural gas (LNG), though domestic supply requirements must be met first.
No one can say 2026 has been uneventful in the oil and gas sector. A bidding war for Frontera’s E&P assets, potential for a change in the economic program in Colombia with a new president on August 7th and the Iran War send Brent up over US120 are but a few of the noteworthy items. Perhaps the biggest for Latin America with important implications for Colombia is the US intervention in Venezuela which promises to revitalize that country’s oil and gas production. However, will the promise be realized and what are the opportunities for companies in Colombia? We asked Jorge Neher, a Venezuelan Partner at Dentons Cardenas and Cardenas, who has lived and worked in Colombia for almost two decades, with deep knowledge of both countries’ oil and gas sectors, to tell us what is happening on the ground and how things could play out.
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