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Repsol looks to double profits

May 30/2012

(upstreamonline) -- Spanish giant Repsol has revealed it will invest EUR19.1 billion (USD24 billion) over the 2012-2016 period as it unveiled its new strategic plan to investors on Tuesday.

Repsol said EUR2.9 billion per year, or almost 80% of the planned investment, would be ploughed into its upstream business as the company looks to almost double its net profit in the five years from 2011, excluding profit from YPF which was recently expropriated by Argentina.

The growth will be driven by the companys exploration and production segment, with investment focused on 10 key growth projects in the US, Brazil, Russia, Spain, Venezuela, Peru, Bolivia and Algeria.

Repsol said the development of the projects would result in an annual production growth rate of 7% to reach 500,000 barrels of oil equivalent per day by 2016.

The strategic plan will be self financed with Repsol"s own cash generation and it will also carry out "selective divestments" of non-core strategic assets over the period to 2016 worth between EUR4 billion and EUR4.5 billion.
Author:Anna Larionova
Tags:PVC, PE, neftehimiya.
Category:General News
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