Repsol is making progress with the preparation of its new strategic plan which it will unveil on June 7. It aims to earmark 2.5-3 billion euros for acquisitions, compared with the 3.82 billion which it will obtain from the sale of its stake in Gas Natural to CVC.
Repsol will focus on three areas for its acquisitions: the gas and electricity business in Spain and Peru, expand its chemical business and increase its exposure to oil, which represents 36%. In electricity and gas, Repsol wants to invest in renewables. But after looking at acquisition deals which did not come to fruition its main interest will be to access technology rather than obtain a large amount of assets.
Whatsmore, Repsol wants to implement a plan for rotating 20% of its exploration and production assets. The intention is to substitute 200,000 to 300,000 barrels per day with low margins for 50,000 or 100,000 with higher margins. The objective is to achieve a level of pumping of around 700,000 barrels per day, of which a large part is currently gas.
The company is also considering getting into the combined cycle business to be able to monetise this gas, although it does not intend to participate in regulated activities. Repsol is also looking for a partner to develop the field of Nanushuck, in Alaska, as well as the Duvernay field in Canada.