Spanish energy company Repsol has signed an agreement to explore a light crude oil field in Venezuela. The deal was finalized on Tuesday in one of the country’s main oil-producing regions, which holds the world’s largest proven oil reserves. The exploration will take place on the eastern shore of Lake Maracaibo in the oil-rich northwest of the country.

Interim President Delcy Rodríguez has opened Venezuela’s hydrocarbon sector to foreign investment after President Nicolás Maduro was detained during a U.S. military operation. Under pressure from Washington, Rodríguez pushed reform legislation through parliament to attract international partners. Repsol had agreed in April to resume its operations in Venezuela.

State oil company PDVSA’s president Héctor Obregón Pérez said the country aims to achieve growth in both gas and oil sectors. Repsol CEO Josu Jon Imaz San reaffirmed the company’s commitment to investing in Venezuela, while Rodríguez emphasized that Repsol had maintained its dedication during difficult times and would now receive guarantees for expanding its investments.