Repsol has made the largest discovery of gas in Indonesia 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.
Repsol has secured 12 new blocks in an area near to Pikka, the largest on-land oil discovery in the US in the last 30 years. The oil company has secured mining domination in a zone situated south of the River Colville (Alaska, US), where ConocoPhillips has also made significant discoveries. Repsol´s partner Oil Search has also secured four leasing contracts.
According to data provided to the regulator (CNMV) by the company, Repsol´s oil production amounted 691,000 barrels per day in the third quarter of the year, a reduction of 4.3% compared to the previous quarter and practically in line with the 693,000 barrels per day of the same quarter last year.
Repsol has reached agreement to acquire 40% of Mexican lubricant company Bardahl, which represents its biggest purchase in this business and pushes forward its internationalisation strategy in Downstream.
Repsol and Macquarrie, the fund that controls Viesgo, have agreed the principle points of the agreement for the acquisition of the Cantabrian electricity company combined cycle gas power plants and retail business. The operation is valued at over 500 million euros and involves near 730,000 customers.
Donald Trump has announced the US’ withdrawal from the agreement with Iran and will reimpose economic sanctions on that country. Bankinter analysts believe OPEC and Russia hold the possible solution to the crude supply problem, substituting the production which could be withdrawn from Iran.
Criteria, La Caixa’s investment arm, and Abertis’ largest shareholder with 21.55%, will take up the offer launched by ACS, Hochtief and Atlantia and will sell the whole of its stake in the Spanish concessionaire.
Sacyr announced yesterday that it will pay a scrip dividend, so that shareholders can choose between a cash payment of €0,052 per share or receive one new share for every 48 currently available.
The difference between top managers’ salaries in Ibex-35 companies and the lowest salaries in these same firms is on average 207 times, which shows the salary gap in Spain is increasing.
Sonia Ruiz de Garibay (GVCGaesco) | Although a simultaneous investment recommendation for oil and airline stocks might seem a contradiction in terms, the fact they are both heavily influenced by oil prices gives them a very important element in common. Oil is an earning driver for the oil industry, while for the airlines sector it is an important costs’ element, accounting for over 20% of the total. Repsol and IAG are currently good bets.