UPDATE 2-Spanish energy group Repsol seeks to expand to new oilfield in Venezuela
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By Deisy Buitrago
CARACAS, June 18 (Reuters) - Repsol REP.MC is seeking to expand its projects in Venezuela by incorporating the Horcon oilfield into its portfolio, the Spanish energy producer said in a release on Thursday, having signed agreements with Venezuela's government this week.
The company, which is a key partner of state-owned PDVSA for oil and gas projects, has signed several preliminary deals with Venezuela since March to secure gas supply from the flagship Perla offshore project, which it shares with Italy's Eni ENI.MI, and to expand operations at the Petroquiriquire joint venture, where it expects to add the La Ceiba and Tomoporo oilfields.
The pacts add Repsol to the list of negotiators of premium oil and gas areas since the U.S. captured President Nicolas Maduro in January and proposed a $100 billion energy reconstruction plan, which led to a deep reform of the country's main oil law to promote business with foreign producers.
Following the U.S. issuance of licenses for companies to negotiate and expand energy projects in Venezuela, Repsol aims to increase its total gross production in the country, currently at some 45,000 barrels per day, by half in the next 12 months and to triple it in the next three years, it said.
The memorandum of understanding signed for the Horcon field, located in Venezuela's northwest, is a first move by Repsol to expand from the Barua and Motatan oilfields, which are already part of its portfolio. The company also has stakes at the Petrocarabobo project in the Orinoco Belt, the country's largest oil region, and Quiriquire Gas in eastern Venezuela.
The agreement was signed this week in Caracas during a meeting between Repsol Chief Executive Josu Jon Imaz, the company's head for exploration and production, Francisco Gea, Venezuelan interim President Delcy Rodriguez, oil minister Paula Henao, and PDVSA's head Hector Obregon.
The Spanish company, which this year has ramped up imports of Venezuelan crude for its European refineries, also intends to advance the analysis of offshore natural gas opportunities in the South American country, it said.
