Venezuela and Spanish energy firm Repsol have announced a new investment agreement focused on energy development in the Lake Maracaibo region. The partnership aims to boost oil production and modernize infrastructure in the area, which has seen declining output in recent years. Details of the financial commitment were not immediately disclosed, but the agreement signals a renewed interest in Venezuela’s oil sector by foreign investors. This collaboration follows recent easing of US sanctions on Venezuela’s oil industry. Both parties anticipate the project will create jobs and stimulate economic growth in the Zulia state, where Lake Maracaibo is located. The initiative represents a significant step in Venezuela’s efforts to rehabilitate its energy industry and attract foreign capital.