The DP World Tour was on European soil for the first time in 2022, with this week's event being followed by the Catalunya Championship.
Otaegui led the home charge at Infinitum's Lakes Course at eight under and was looking forward to putting on a show for the fans in Tarragona over the weekend.
“It’s fantastic to be able to start the season in Europe with two tournaments in Spain and obviously at two very good golf courses as well - this course and next week, which is at one of my favourite golf courses in Spain," he said.
“Obviously I have some family and friends coming so it’s all very good. I’m hoping there will be more crowds at the weekend and I’m really encouraging everyone to come along because the course is good, it will be good to watch."
On day two, Otaegui birded the first and then holed a 40-footer on the second but gave both those shots back as he four-putted the fifth for a double-bogey.
Further gains on the eighth and ninth saw him turn in 32 and he made a 15-footer on the 11th but once again his fine momentum was stalled by a bogey on the 13th before he took advantage of the par-five 16th and last.
“I’m very pleased, started with a birdie and finished with a birdie, and there was a bit of everything in the middle but I’m very pleased with the way I played and the way I fought," said the 29-year-old, who is hunting a third DP World Tour title.
“It was a little bit up and down today so I’m very happy with how I fought to the end, I’m happy with the finish and I’ve given myself a chance for the weekend.
“I’m heading into the weekend in a good position, I played good in the last two days, I’ve been feeling good with my irons so I just want to go and do the same thing, give myself birdie chances, keep being patient and go and attack.”