Deal insight

Sinopec acquires a 40% stake in Repsol Brasil

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Report summary

UPDATE: In light of further clarification from Repsol YPF on the structure of this deal we have amended our previously published Insight to reflect an effective purchase price of US$4.3 billion. Wood Mackenzie's base case valuation of Repsol Brasil remains unchanged. Sinopec is to acquire a 40% stake in Repsol Brasil. The deal is structured such that Repsol Brasil will increase its share capital by issuing new shares to which Sinopec will fully subscribe. On completion of the ...

What's included

This report contains

  • Document

    Sinopec acquires a 40% stake in Repsol Brasil

    PDF 471.48 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
    • Base case valuation falls well short of the US$4.3 billion consideration
    • Much more aggressive assumptions have been used in valuing the transaction
    • Sinopec's most ambitious move yet
    • Taking a long-term view and increasingly willing to partner with IOCs
    • Repsol YPF
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Implied breakdown of value at different oil price scenarios (US$M)
  • Implied breakdown of reserves at different oil price scenarios (mmboe)
  • Net Brazilian reserves and acreage

Tables

  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Strategic rationale: Table 1

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