Venezuelan state oil company PDVSA and Spain’s Repsol have signed an agreement to amend the terms of their joint venture, Petroquiriquire, which aims to increase crude and gas output and accelerate debt repayment.

The agreement was signed in Caracas by Venezuela’s oil minister, Pedro Tellechea, and executives from Repsol.

Petroquiriquire includes the fields of Quiriquire, Mene Grande, and Barua-Motatan and operates in various areas of the country, including the Monagas North region.

“This agreement boosts the industry, the partnership, and the relationship between Repsol and PDVSA between Spain and Venezuela,” said Francisco Gea from Repsol’s Exploration division during the signing event.

The agreement, which includes changes in the terms of the joint venture between Repsol and PDVSA, gives Repsol more governance and operational control over the three fields that are part of the joint venture. This is similar to previous deals that PDVSA has struck with other international oil companies, such as Chevron and France’s Maurel & Prom.

It will also allow Repsol to increase its production of oil from the Petroquiriquire field to around 40,000 bbl/d within the next two years.

Besides boosting oil production, the agreement also includes provisions for potential gas exports in the future. Repsol and PDVSA are currently in talks to negotiate the terms of other projects that could allow for gas exports.

The joint venture is owned 60% by PDVSA and 40% by Repsol. According to independent calculations, its total production for this year has been around 20,000 barrels per day (bbl/d) of crude and 40 million cubic feet per day (mmcf/d) of gas.

Notably, last week, PDVSA and Chevron received approval from Venezuela’s National Assembly to extend two separate joint ventures for 15 years. This comes after the US temporarily lifted oil sanctions on the country in October, allowing for exports, imports, and investments until April.