Spanish energy firm Repsol is planning to expand its operations into a new oilfield in Venezuela, signaling increased foreign investment in the country’s energy sector. The company intends to further analyze potential offshore natural gas deposits as well. This move comes as Venezuela seeks to revitalize its oil industry and attract international partners following years of economic hardship and declining production. Repsol already has a presence in Venezuela and this expansion represents a vote of confidence in the country’s evolving investment climate. Details regarding the specific oilfield and gas deposit locations have not yet been disclosed. The developments align with recent policy shifts aimed at opening up Venezuela’s energy resources to foreign companies. This expansion could significantly impact Venezuela’s oil output and contribute to its economic recovery.