Repsol has made major progress re-establishing its position after the expropriation of YPF by Argentina in 2012. It has built a strong portfolio which has the potential to perform well on reserves replacement and production growth metrics following its top-tier exploration performance over the last decade, when it added over 3.5 billion boe of new field resource. The upstream and exploration portfolio is still dominated by conventional onshore and offshore acreage, but deepwater is becoming increasingly important, with future value from recent discoveries concentrated in Latin America (mainly Brazil) and the US Gulf of Mexico. After the Talisman acquisition and the need to rationalise the portfolio, there has been a re-alignment of strategic priorities, and further exploration has been de-emphasised in the short-term. Repsol will now focus on appraising and developing its pipeline of projects, whilst seeking efficiencies in exploration activity.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Oct 2016
Repsol oil and gas exploration summary
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