(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
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 company’s 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
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.