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Repsol oil and gas exploration summary

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Report summary

Since expropriation of YPF by Argentina in 2012 Repsol has rebuilt its upstream business. Its top-tier exploration performance in the first half of our 2007-2016 study period, when 3.1 billion boe of new field resource was added, is delivering growth. Repsol no longer needs to chase volume, and instead its strategy is to deliver "value and resilience" from the opportunities it has. As a result, strategic priorities have been re-aligned. Exploration has been de-emphasized as the main growth option in the short-term. Increased unconventional resources may also reduce the reliance on exploration. Repsol is focused on capital discipline and delivering value through high-grading the portfolio, with a key priority being to successfully execute the current pipeline of developments. Our report highlights Repsol's core areas and key strategic themes.

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Table of contents

    • Basins drilled and all conventional & organic discoveries 2007-2016
    • Upstream strategy
    • Exploration outlook
    • 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 starts to contribute for Repsol

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
  • Discovery costs by water depth
  • Executive summary: Image 1
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • 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


  • Full-cycle economics
  • Ten year performance summary
  • SWOT grid
  • Gross exploration & appraisal wells by basin and sector
  • Top 40 discoveries (2007 to 2016)

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