The deal will alllow Repsol to resume operational control of its Petroquiriquire joint venture created to develop and operate oil fields in eastern Venezuela, the company said in a statement.

Repsol said it is prepared to increase gross oil production in the country by 50% within 12 months and potentially triple output within three years, provided “necessary conditions” are met.

“This agreement underscores Repsol’s commitment to Venezuela, where we have operated continuously since 1993,” the company’s head of exploration and production, Francisco Gea, said in a statement.

“We have the assets and the technical, operational, and human capabilities on the ground to increase our production in the country.”

Repsol said its oil production in Venezuela currently amounts to around 45,000 barrels per day, mainly in Petroquiriquire.

The deal was signed between Repsol, Venezuela’s hydrocarbon ministry and Venezuala’s state oil and gas firm PDVSA, which owns 60% of the Petroquiriquire joint venture.

A new bonanza from Venezuela’s vast oil reserves has been touted after the US captured its socialist strongman Nicolas Maduro in January in a lightning military operation on Caracas.

The new authorities, led by interim president Delcy Rodriguez, have cooperated with US President Donald Trump’s administration and introduced reforms to liberalise the sector.

After the US granted licences to Repsol and five other oil majors in February, the company’s chief executive Josu Jon Imaz said “we are preparing everything to restart and resume our operations”.