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Repsol's new oil fields to outweigh Venezuela, Libya declines to 2020 -CEO


 

By Gianluca Baratti / Platts

BARCELONA
Petroleumworld 02 28 2019

Repsol expects output from around 10 of its new international plays to outweigh any possible declines from Libya and Venezuela and drive it towards its 750,000 b/d of oil equivalent production target for 2020.

CEO Josu Jon Imaz, speaking on a results call Thursday, listed a number of upstream plays which are either expected to come online, ramp up or provide a full year of production to hit the target, which would be a 30,000 boe/d increase from its own budgeted forecast for this year.

Increasing output from the Reggane gas project in Algeria, the Kinabalu offshore oil and gas project in Malaysia and its Marcellus Shale acreage in the US, among others, could contribute an additional 57,000 boe/d over this and next year, the company said.

Of this total, 9,000 boe/d would be in Latin America, 21,000 boe/d in Europe and Africa, and 37,000 boe/d in North America, the company said, without giving a breakdown.

Upside could also come from Indonesia and Peru, where production curtailments have been overcome in 2018, while 2020 might see full production from Buckskin in the Gulf of Mexico (following first oil later this year), a second rig at Marcellus, increased output from Acacias in Colombia and first oil at Yme offshore Norway, among others, Imaz said.

The company has budgeted for production of 720,000 boe/d for the full year 2019, which would be an increase from 715,000 boe/d in 2018.

This includes an assumed 50,000 boe/d from Venezuela -- against 63,000 boe/d and around 77,000 boe/d in the previous two years -- and 35,000 boe/d from Libya, down from 36,000 boe/d for full year 2018.

Repsol said it has been reducing its financial exposure to Venezuela, to a level of Eur456 million by end 2018, or 1.5% of its capital employed.

The latest news from Libya is positive, according to Imaz, who told analysts that there could be news about a potential reopening of the Sharara field, the country's biggest, in the coming days.

LONGER-TERM STRATEGY

For its longer-term strategy, Imaz said that Repsol continues to see Mexico, Brazil and Alaska as its core exploration areas, while it is "comfortable" with its position in Southeast Asia, where it announced the largest find in Indonesia in 18 years this month -- the Saka Kemang block in South Sumatra, whcih has recoverable resources of 2 Tcf -- besides positive developments in Malaysia and Vietnam.

In the North Sea, the company said it has managed to bring down operating expenditure per barrel in the UK fields from $114/b in 2014 to $32/b now, while the company singled out Norway as a "platform for growth," following a couple of field stake increases there in recent months.

Repsol would be open to further bolt-on acquisitions in the region, he noted, without elaborating.

Repsol confirmed Q4 production of 722,000 b/d of oil equivalent, an increase of 1% year on year and helping full year output to a 3% gain, at an average 715,000 boe/d.

Gas represented 63% of production and liquids the remaining 37%.

The company said production increases came from the startup of projects including Reggane in Algeria, Juniper and TROC in Trinidad and Tobago, Monarb in the UK, Kinabalu and Bunga Pakma in Malaysia, and Sagari in Peru, as well as the acquisition of the Visund field in Norway besides the connection of new wells in Marcellus the US and an increased contribution from Libya.

In Norway, Repsol said its recent field stake acquisitions have allowed it to increase production in the country by 45% to 32,000 boe/d.

Repsol also said the Angelin platform in Trinidad and Tobago began gas production this month. The field, which is 30% owned by Repsol, is expected to deliver 600 MMcf/d of gas (109,000 boe/d).

 


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Story by Jeff Fick from Platts / SPGlobal.

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02 28
2019

 

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