Repsol signals $7bn asset sales and cost cuts
The Spanish company plans to sell off assets by 2020 and cut capital expenditure by 40% in order to reduce debt
Spain's Repsol has signalled plans to sell off €6.2bn ($7.1bn) of assets by 2020 and cut capital expenditure by 40% from 2014 levels, as it struggles to maintain dividends and reduce debt -- based on its oil price forecast of $50/barrel oil and US gas price forecast of $3.50/MMBtu, out to 2018. Under its first strategic plan since finalising its $8.3bn takeover of Canada's Talisman this May, Repsol vowed to achieve cost savings of €2.1bn/year from 2018 through efficiencies based on a $60/b upstream price in 2018-20, applying "strong capital discipline". "We are in too many countries," chief executive Josu Jon Imaz told a briefing on 15 October: "So we will try to reduce our exposure to high
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
