Link Securities | The Spanish oil company informed the National Securities Market Commission (CNMV) that it has reached an agreement to sell its 24% stake in the Corridor block in Indonesia, where it is not the operator, to Medco Energi for $425 million. This transaction is part of Repsol’s asset rotation strategy to optimise its upstream portfolio and focus its efforts on assets that offer high profitability and cash generation. It will also finance the organic investment cycle in upstream, with the aim of improving the portfolio and maintaining the scale of the business in the medium and long term.
Repsol estimates that the transaction will reduce the Group’s net debt by approximately $350 million, with a positive effect of approximately $70 million on the income statement for the 2025 financial year. These amounts will be adjusted according to the final data at the time of the transfer of the assets. Medco Energi, one of Indonesia’s leading energy companies, is the operator of Corridor and owns a 46% stake, while Pertamina owns the remaining 30%.
Located on the island of Sumatra, Corridor is a gas-producing asset. In 2024, it contributed approximately 19,000 barrels of oil equivalent per day to Repsol and added 26 million barrels of oil equivalent to its reserves.
These volumes represent approximately 3% of Repsol’s global production and 2% of its total reserves. The transaction is expected to close in Q3 2025.
