Spain’s energy group Repsol disclosed in its 2025 annual financial report that it is owed 4.55 billion euros (about $5.37 billion) by the Venezuelan state, a figure that highlights the complex financial and operational challenges tied to its business in the crisis‑hit South American oil producer.
The debt comprises trade receivables linked to oil and gas supplies including accrued late payment interest and financing extended to Venezuela’s state‑owned oil company PDVSA for joint ventures such as Petroquiriquire. Of the total, about 3.603 billion euros consists of commercial receivables, while 947 million euros reflects financing and investment in Venezuelan energy projects. Repsol has built up provisions of roughly 3.59 billion euros over the years to account for credit risk, reflecting the uncertainty surrounding repayment.
Despite the large sum owed, Repsol’s net equity exposure in Venezuela was relatively modest at 276 million euros at the end of 2025, down from higher levels in previous years as the company has adjusted its financial stance and risk profile, its filings show. The reduced exposure reflects accounting provisions and impairments recognised as Venezuela’s economic and operational environment remained difficult.
The sizable receivable comes amid broader shifts in Venezuela’s energy sector and U.S. policy. In February 2026, the United States eased sanctions on Venezuelan oil and gas operations, issuing licences that allow major international oil producers, including Repsol, to resume and expand operations and negotiate new contracts with PDVSA a move seen as part of efforts to kick‑start investment and production in the country’s struggling oil industry.
Repsol’s disclosure coincides with the company’s broader financial performance. It swung to a profit in the fourth quarter of 2025 and announced increased payouts to shareholders through dividends and share buybacks, while setting higher oil production targets for 2026 as part of a strategy emphasizing returns and growth.
The Venezuelan debt situation underscores the ongoing risks facing international energy firms operating in countries with economic instability and historical defaults. Although Venezuela projects oil revenues of several billion dollars in the coming months, driven by renewed sales and reforms, the path to repayment and production growth remains uncertain.
Repsol’s receivable from Venezuela adds to a broader backdrop of sovereign debt challenges for the South American nation, which also faces creditor pressure to restructure obligations when formally authorised by relevant authorities.
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