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MOSCOW (MRC) -- Spanish integrated
energy group Repsol reported Jan. 19 that its estimated upstream oil and gas
production in 2020 decreased 8% year on year at 648,000 b/d of oil equivalent -
its lowest annual total since the 2015 purchase of Talisman - with Libyan
interruptions and the oil price impact from the pandemic weighing on volume,
according to S&P Global.
The
full-year total was nonetheless in line with the company's postpandemic revised
target of 650,000 boe/d, which it sees through to 2030.
By region, Europe
and Africa showed the largest production decline in 2020, falling 29% year on
year to 86,000 boe/d. Repsol's share in the Libyan El Sharara field can supply
up to 39,000 boe/d net to Repsol, but output suffered interruptions throughout
the year following a shutdown at the field in January 2020 and a blockade of oil
terminals.
Output from Europe and Africa regions did increase 37% from
the third quarter to 96,000 boe/d in the fourth quarter, but this was still a
decline of 23% year on year.
Other regions also returned negative numbers
for 2020, with Latin American production down 11% year on year at 295,000 boe/d
and production in the Asia/rest of world region dropping 5% year on year at
69,000 boe/d.
The one region that posted increased production was North
America, where Repsol boosted output 9% year on year at 198,000 boe/d after the
company upped its interest in Eagle Ford during 2020, and reported resilient
operating economics at two other US operations - Marcellus and
Buckskin.
For the fourth quarter, however, all four of its global regions
reported declining volume on an annual basis for a combined total of 628,000
boe/d, which was a 14% decline from a record quarter in Q4 2019 of 730,000
boe/d.
All production figures are provisional with confirmed results due
to be published Feb. 18.
In the downstream business, Repsol said its
refining margin in Q4 2020 returned to positive, rising to an estimated USD1/b
from minus 10 cents/b in Q3, although this compared with a USD5.60/b margin in
Q4 2019.
The full-year average refining margin indicator in 2020 was
USD2.20/b, down from USD5/b in 2019.
The refinery utilization rate for
the year came at 74%, including 73.6% in Q4. This compared with an 88.4% rate
for full-year 2019 and 85.7% in Q4 2019.
The conversion rate was even
more heavily impacted by the pandemic-related economic slowdown, falling to 86%
in 2020 and 77.3% in Q4, compared with 103.3% in 2019 and 104.3% in Q4
2019.
Repsol owns and manages five refining complexes in Spain -
Cartagena, Coruna, Bilbao, Puertollano and Tarragona - with a total capacity of
about 896,000 b/d, but has trimmed back production to meet market needs,
particularly on a sharp plunge in jet fuel demand, which is currently at about
25% of its prepandemic levels in Spain.
As MRC reported earlier,
Repsol shut down its cracker in Tarragona (Spain) for maintenance in the fourth
quarter of 2019. The turnaround at this steam cracker, which produces 702,000
mt/year of ethylene and 372,000 mt/year of propylene, was pushed back from Q3
2019. The exact dates of maintenance works were not disclosed.
Ethylene
and propylene are feedstocks for producing polyethylene (PE) and polypropylene
(PP).
According to MRC's DataScope report,
PE imports to Russia decreased in January-November 2020 by 17% year on year and
reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the
greatest reduction in imports. At the same time, PP imports into Russia
increased by 21% year on year to about 202,000 tonnes in the first eleven months
of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase
in imports
Repsol S.A is an integrated Spanish oil and gas company with
operations in 28 countries. The bulk of its assets are located in
Spain. |
