Spanish energy company Repsol has signed a new agreement with Venezuela’s state oil company, PDVSA, to expand business in the oil and gas sectors. The memorandum of understanding was finalized with the government of Delcy Rodríguez. This deal signifies a strengthening of Repsol’s presence in Venezuela, despite ongoing political instability and international sanctions. Details of the agreement remain limited, but it indicates a renewed interest in Venezuelan energy resources. The move comes as Venezuela seeks to revitalize its oil industry, which has suffered from years of decline and underinvestment. This partnership could potentially lead to increased oil and gas production and further foreign investment in the country. The agreement was reported by EL NACIONAL, a Venezuelan news outlet.