The company reached an agreement with Petróleos de Venezuela to acquire 40% of the La Ceiba and Tomoporro oil fields, with the capacity to produce 20 thousand barrels per day.
Repsol purchased 40% of the La Ceiba and Tomoporro oil fields for 1.5 billion euros through an agreement made with Petróleos de Venezuela, with the aim of the Spanish company doubling its crude oil production in the Petroquiriquire zone. says the newspaper “El Economista.
The two fields will have the capacity to produce 20 thousand barrels of oil per day.
Josu Jon Imaz, executive director of Repsol, indicates that the company currently operates in 13 countries, but that it feels comfortable reducing its presence to between nine and ten, which implies selling portfolios in three or four areas just a year before having to make a decision on a future IPO of its exploration and production business in the United States.
The company’s CEO highlighted that they have extensive experience in selling oil assets, recalling that Repsol has already left countries such as Australia, Papua New Guinea, Romania, Greece and Russia.
The company estimates the asset rotation process in the USA and Spain at one billion euros, as well as 500 to 600 million in divestments. 80% of the latter will correspond to the exploration business.
The company is also expected to decide in the next two months whether it will execute the purchase option it holds over the North American company Hecate Energy. Repsol currently has 40%, but could increase its stake.
