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Repsol oil and gas exploration summary

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31 October 2018

Repsol oil and gas exploration summary

Report summary

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.

Table of contents

    • Basins drilled and all conventional & organic discoveries 2008-2017
    • Upstream strategy
    • Exploration outlook
    • Other Repsol research
      • SWOT grid
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Scope of this report
    • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
    • Deepwater Brazil underpins performance and upside is substantial
    • Steady performance from legacy areas
    • Growing deepwater focus outside of Brazil did not deliver
    • Onshore US Alaska a source of huge volume and value upside

Tables and charts

This report includes 21 images and tables including:

  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity (2008-2017)
  • Discovery costs by water depth (2008-2017)
  • Full-cycle economics
  • Executive summary: Image 1
  • Ten year performance summary
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Gross exploration & appraisal wells by basin and sector (2008-2017)
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2008 to 2017)
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Production: Image 1
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth
  • Strategy: Table 1

What's included

This report contains:

  • Document

    Repsol oil and gas exploration summary

    PDF 988.72 KB