Banc Sabadell | Pertamina Hulu Energi, a subsidiary of Indonesian state-owned company Pertamina, is in final negotiations to acquire 12.5% of the Pikka project in Alaska for $1 billion (€847 million/5% capitalisation), according to press reports. Repsol (REP) owns 49% of the project, while the Santos group controls the rest.
On the other hand, Reuters reports that negotiations between Aramco and Repsol for the purchase of 25% of its Renewables division have stalled. This standstill coincides with Aramco’s strategy to sell assets, improve efficiency and reduce costs.
Assessment: The sale of a stake in Pikka would be positive, although the impact would be limited (between 2.5% and 7.7% NPV for the part corresponding to REP) and would fall within the asset rotation and divestment plan being carried out by Repsol. We note that Repsol, beyond this potential transaction, is reportedly working on further asset rotation in renewables in the United States and Spain.
With regard to Aramco, the news has little impact. We recall that in June 2024, there was speculation about a possible approach to acquire a minority stake in Repsol’s renewable energy portfolio (25%, which could reach €1.5 billion -9% capitalisation-), but this did not seem to progress very far.
