Repsol to Add Horcon Oilfield Expanding Venezuela Output Targets

Repsol plans to incorporate the Horcon oilfield into its Venezuela portfolio after signing agreements with the government. This latest development builds on preliminary deals reached with partner Eni since March and follows more permissive U.S. licensing that allows foreign firms to expand. Current gross production is about 45,000 barrels per day, with the company targeting a 50% increase within 12 months and a tripling of output within three years through projects including Petroquiriquire, La Ceiba and Tomoporo.