Repsol Reinforces Its Profile As A Gas Company With The Discovery In Indonesia

Repsol reinforces its profile as a gas company with the discovery in IndonesiaJon Josu Imaz CEO of Repsol and Chairman Antonio Brufau

in the last 18 years and one of the 10 largest in the world in the last 12 months, with a preliminary estimation of at least 2 billion cubic feet of gas in recoverable resources, the equivalent of 2 years of gas consumption in Spain and 20% of Repsol’s natural gas reserves.

It amounts to about 7% of the group’s net proven reserves and reinforces its profile as a gas company (the gas, a key fuel in the energy transition towards a low emissions future, represents about three quarters of the company’s reserves and two thirds of its production) as well as improving its geographic diversification in its upstream business.

The discovery has been made in the Sakakemang block, located in the south of Sumatra Island, where Repsol acts as operator with a 45% participation. Petrobas holds another 45% and MOECO the remaining 10%.

In 2017 the group produced the equivalent of 15 million barrels of oil in Indonesia, mainly through the Corridor asset. It possesses mining rights in six blocks, five of exploration and another of production/development. The presence of Repsol in the country is basically completed with its lubricants business, with which it has been present in Indonesia for 20 years, with local production since 2006. Thanks to the large growth in sales in the last three years, Indonesia has become the company’s third largest market for lubricants in the world.