Emerging from the downturn, disciplined "value growth" is back on the agenda for Repsol. Higher-margin, lower-breakeven oil is one of the key upstream themes. The portfolio has gone through some rationalisation and new acreage that fits this theme has been added (e.g. Brazil, Mexico). Recent exploration has emphasised lower-impact, near-field exploration. While that will continue, high-impact exploration is expected to grow, with the aim of delivering longer-term growth. Over the last decade, success in Brazil's pre-salt play drove high returns at the beginning of the decade. More recently, the opening of a new play in Alaska in 2017 will deliver significant value, though appraisal and development will take several years. Our report highlights Repsol's core areas and key strategic themes.