Repsol has successfully bid for three blocks, two in the Central Ridge/Flemish Pass and one in the Jeanne d’Arc Basin. The company was partnered by Husky Oil and Petro-Canada in the winning bids.
Over the period of the 2008-2012 strategic plan, Repsol aims to spend E9.3 billion on its upstream business, of which E4.8 billion will be spent on identifying and developing new exploratory areas.
In 2008, Repsol has brought online new production from the strategic areas of Gulf of Mexico, Libya and Peru, adding to its reserves and output.
Repsol has recently announced that it has posted net income of E2.816 billion in the first nine months of 2008, a 15% rise on the year-earlier period.
Repsol’s operating profit was E5.072 billion, a rise of 18.9% year-on-year. Operating profit at the exploration and production unit posted a significant rise of 41.2% to E1.999 billion.
