Venezuela’s state oil company, PDVSA, and Spanish energy firm Repsol signed a new memorandum of understanding on June 16th to strengthen cooperation in the hydrocarbon sector. According to Venezuelan Vice President Delcy Rodríguez, the agreement aims to encourage further investment from Repsol under revised regulations. The deal signifies a willingness from Venezuela to welcome foreign investment in its oil industry. This move comes as Venezuela seeks to revitalize its oil production, which has declined in recent years. The agreement’s specifics weren’t immediately detailed, but officials indicated a positive outlook for Repsol’s continued operations within the country. This partnership represents a step towards increased international collaboration in Venezuela’s energy sector.