Formed in 1987 by the merger of state-controlled oil sector companies, Repsol is now 100 percent privatized and publicly traded on both the Madrid and New York stock exchanges.

Repsol, S.A. is an integrated oil company headquartered in Madrid, Spain. The company engages in the exploration, development, and production of crude oil and natural gas worldwide. It has development and production assets in more than 20 countries, including the United States, Brazil, Trinidad and Tobago, Venezuela, Peru, and Bolivia; and exploration assets in the United States, Brazil, and Angola, as well as in Russia.

Upstream

Repsol’s Exploration and Production business has shown great adaptability and resilience in recent years during the period of low oil and gas prices.

After integrating Talisman and doubling the size of its Upstream unit, Repsol is set to increase its production of hydrocarbons (8% through 2020), achieve greater returns and optimize its asset portfolio.

In line with the company's updated Strategic Plan, the Upstream unit will invest 7.9 billion euros by 2020. Approximately 60% of this total will go toward growth projects and exploration, in order to increase production and ensure an optimal level of reserves in the medium and long term. Repsol will prioritize onshore and shallow-water projects, areas in which it has a competitive advantage.

Primary investments will focus on the organic growth of existing assets, which do not require major developments, are significant generators of cash and will increase production in the short term. These include Sagari (Peru), Marcellus, Eagle Ford and Buckskin (United States), Yme (Norway), Bunga Pakma and Kinabalu (Malaysia), Corridor (Indonesia), NC-115 and NC-186 (Libya) and Reggane (Algeria). 

An increase in production to 750,000 barrels of oil equivalent per day by 2020 will be complemented by active portfolio management and high-grading, whereby low-margin production will be replaced by higher-margin barrels.

Beyond 2020, the five development projects identified  - Alaska (United States), Duvernay (Canada), Akacias (Colombia), Sagitario and Campos 33 (Brazil) - have a combined breakeven point of 42 dollars, among the lowest in the sector for these types of Upstream developments.

The Strategic Plan includes a 50% increase in cash flow from operations in Upstream, to 3 billion euros, in a flat Brent price scenario of 50 dollars per barrel.

In addition, the Upstream unit will launch a new efficiency and digitalization program with more than 600 initiatives and the objective of achieving 1 billion dollars of additional free cash flow per year by 2020. Of this amount, 600 million dollars-worth of projects have already been identified and achieved.

Production and reserves

Average production reached 709 Kboe/d in 2019, in line with the previous year (-6.6 Kboe/d; -7 Kbbl/d in liquids and +0.4 Kboe/d in gas). This decrease was mainly attributable to Trinidad and Tobago, Venezuela, Libya, Shenzi (USA) and divestments in the USA (Midcontinent), and was partly offset by production from new wells in Marcellus (US), Duvernay (Canada) and Akacias (Colombia), acquisitions in Norway (Mikkele) and the United States (Eagle Ford), and the start-up of production at Buckskin (US).

Repsol reported 2019 year-end proved reserves of 2.14 billion boe. The net addition of proven reserves during the year was 58 Mboe, mainly from extensions and discoveries, and acquisitions in North America and the total reserve replacement ratio was 23% in 2019. 

Repsol will be a net zero emissions company by 2050

In line with its commitment to sustainability, Repsol aims to achieve net zero emissions by 2050, making it the first oil and gas company in the world to assume this ambitious goal. At the same time, it is setting a decarbonization path with intermediate targets for 2020 to 2040.

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