MADRID, Spain – Repsol’s Upstream business focus will be on key geographic areas over the next few years, under the company’s 2021-2025 Strategic Plan.
The priority will be on delivering value over volume, and on reducing emissions from the company’s various assets.
Repsol plans to develop short-cycle projects managed with flexibility and a limited capital intensity, which the company claimed would be among the lowest in the industry.
During the period, its production should average around 650,000 boe/d, with operations scaled back to 14 countries, “with a more efficient and focused exploration activity.”
Another target is to reduce the company’s cash flow breakeven price by 20% to less than $40/bbl over the period.
Projects that will add new production should offer scope to adapt to different price environments, Repsol added.
Finally, the Upstream unit will target a 75% reduction in emissions through 2025.