Repsol, the Spanish energy company, is expanding into a new oilfield in Venezuela

Repsol wants to expand its portfolio in Venezuela, adding the Horcon oilfield, said the 'Spanish' energy producer on Thursday. This comes after signing agreements with Venezuelan government earlier this week.

The company is an important partner for Venezuela's PDVSA, the state-owned oil and gas company.

Since March, Repsol and Eni have signed preliminary agreements with Venezuela to'secure natural gas supplies from their flagship Perla project and to expand operations at the Petroquiriquire Joint Venture where they plan to add the Tomoporo and La Ceiba oilfields.

Repsol said that following the U.S.'s issuance of?licenses to?foreign firms to negotiate and expand business in Venezuela, the company aims to double its gross production, which is currently around 45,000 barrels a day, in the coming 12 months and by half within the next 3 years.

Repsol would be able to expand its existing portfolio of projects by expanding the Barua oilfield and Motatan field in Venezuela's northwestern region. The company also has a minority interest in?the Petrocarabobo Project, located in Venezuela's Orinoco Belt.

Repsol said it would also 'advance the analysis of offshore natural gas prospects in South America. Reporting by DeisyBuitrago, Editing by MariannaParraga Julia Symmes Cobb Mill NissiPrussak

(source: Reuters)