The company said that the 2016-2020 strategic plan looks to create value even at low oil prices, as prices of the commodity has slumped last year.
As part of the new plan, firm has reduced its capital expenditure by 38% from 2014 levels without altering its company profile.
The company’s Exploration and Production unit will focus on three core regions including North America, Latin America and South East Asia and reduce upstream capital expenditure by around 40% compared to 2014 levels.
Within the next five years, the company, however, expects the production to be between 700,000 and 750,000 barrels of oil equivalent per day. This is due to the acquisition of Talisman Energy by Repsol which strengthen its output.
In the downstream sector, the new plan also includes a broader integration of refining and marketing activities, with divestments in non-strategic assets and reducing energy costs and CO2 emissions.
Through ambitious efficiency program, Repsol expects to achieve €2.1bn of savings and in operational synergies every year from 2018.
Repsol CEO Josu Jon Imaz said: "We are presenting a Plan with a clear vision, and measurable commitments.
"This plan not only shows our solidity and resilience, but also how far we can go in terms of creating value and strength for our company."
Recently, the company said it plans to cut about 1,500 jobs, representing about 6% of its workforce, by 2020.
Image: Reposol headquarters in Madrid, Spain. Photo: courtesy of Luis GarcÃa (Zaqarbal)/Wikipedia.
