Emerging from the downturn, disciplined "value growth" is back on the agenda for Repsol. It has exposure to a wide range of exploration plays and a footprint that is more akin to that of a Major. It has the benefit of a number of world-class, high-risk but potentially high reward opportunities that could drive future exploration outperformance. Recent drilling has targeted low cost, high return opportunities, while portfolio additions are replenishing the inventory (eg. Brazil, Mexico). High-impact exploration is expected to grow, with the aim of delivering longer-term growth. While it will target a number of large and giant prospects in the US GoM, Guyana, Mexico and Indonesia, it will balance this with low cost, high return opportunities. Three areas of focus have emerged from the diverse portfolio; North America, South America and Eastern hemisphere.