CARACAS, June 16, 2026 (BSS/AFP) - Spanish energy giant Repsol signed an agreement Tuesday to explore a light crude field in a major oil-producing area of Venezuela, which has the world's largest proven oil reserves.

Interim President Delcy Rodriguez opened the hydrocarbons sector to foreign investment in January, pushing a reform law through Venezuela's legislature under pressure from Washington following its capture of president Nicolas Maduro in a US military operation.

The agreement with Repsol, which first agreed to restart its operations in Venezuela in April, involved exploring a light crude field on the eastern shore of Lake Maracaibo in the country's oil-rich northwest.

"In this opportunity, in addition to gas, we're also aiming for growth in oil," Hector Andres Obregon, president of state-owned oil firm PDVSA, said during an event broadcast on state television.

Repsol's CEO Josu Jon Imaz said the company is "committed to investing in Venezuela."

Rodriguez for her part underscored Repsol's commitment to Venezuela, even "in bad times."

Repsol "has the doors open in Venezuela to continue expanding its investments, which are guaranteed by the new normal," she said.