The Spanish company Repsol has signed an oil exploration agreement in Venezuela

The Spanish oil company Repsol signed an agreement on Tuesday for the exploration of a reservoir in Lake Maracaibo, an area essential for the oil industry in Venezuela.

Interim President Delcy Rodriguez, under pressure from the United States, has initiated reforms to attract private investments in the oil sector, after Washington relaxed sanctions on companies collaborating with Petroleos de Venezuela (PDVSA). The agreement with Repsol comes after other agreements recently signed with international firms, including a partnership with BP for gas exploration in the border area with Trinidad and Tobago. Rodriguez emphasized Repsol's commitment to Venezuela, describing the company as a "dedicated partner."

Although Venezuela has the largest oil reserves in the world, production has significantly decreased, reaching nearly one million barrels per day, compared to over three million two decades ago.