Repsol has agreed to sell its oil and gas assets in Canada to Peyto for $468 million (about €433 million). The deal includes all mineral rights, facilities and infrastructure related to Repsol’s Canadian oil and gas exploration and production business, including the Greater Edson area assets, which have a net production of 23 kboe/d, mainly gas. Repsol maintains commercial and logistics operations in Canada through its St. John LNG facility and its trading business.
Repsol has made divestments in non-strategic locations – reducing its exploration and production presence from 25 to 14 countries following the sale of assets in Vietnam, Malaysia, Papua New Guinea, Australia, Greece, Morocco, Iraq, Bulgaria, Ecuador and Russia – and focusing new developments in key areas such as the US and Brazil, as well as making selective acquisitions in unconventional assets and in US waters.
The value of the existing portfolio of assets for its Exploration & Production business was underlined through its partnership with EIG, which acquired a 25% stake for $4.8 billion, valuing the unit at $19 billion.