Don't display this message again [x]

Dear User,

On March 28, 2015 OilCareers and Rigzone will be coming together to provide you with access to the world’s largest resource for Oil and Gas news, jobs and industry insights.

We have recently updated our Terms & Conditions to accommodate these changes. Please read them carefully. By using the Site, you agree to be bound by these terms and conditions. These Terms and Conditions are effective as of March 30, 2015.

Finance & Investing
News Services
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy


Repsol Reports Strong Performance for First Nine Months

change text size

Repsol saw a strong performance during the first nine months of this year, according to results that the Spanish oil major reported Thursday.

Repsol said its net profit during the nine months to the end of September was up 4 percent at $2.2 billion (EUR 1.7 billion), as liquids production improved by 29 percent. Total hydrocarbon production increased by 9 percent during the period to 327,489 barrels of oil equivalent per day (boepd).

In May this year Repsol announced it would spend $20 billion on its upstream business between 2012 and 2016 to drive growth across the whole of the company. It plans to grow production at an annual rate of seven percent to reach 500,000 boepd in 2016.

During the first nine months of 2012, operating investments in Repsol's upstream unit totaled $2 billion (EUR 1.6 billion) – which was 42 percent more than that for the same period of 2011.

The firm pointed out that its production increases were accompanied by five new discoveries, including Pao de Açucar, in Brazil – which was one the world's largest in 2012 – and the Sagari discovery, in Peru, which Repsol said shows great potential and is close to an area already in development.

Added to the TIHS1 discovery in Algeria and the Chipirón T2 and Cano Rondón East discoveries in Colombia, the Brazilian and Peruvian finds mean that Repsol has exceeded its annual resources incorporation target that is part of its 2012-2016 strategic plan.




A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at


Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

More from this Author
Jon Mainwaring
European Editor | Rigzone
 -  Drilling Activity to Rebound in 2016 a... (Mar 26)
 -  Hess, Petroceltic Pull Out of Kurdista... (Mar 25)
 -  Wells Cathedral School Pupils Win BP's... (Mar 24)
 -  Osborne Reveals Raft of Measures to Bo... (Mar 18)
 -  Aker Sets Out Strategic Goals (Mar 17)
Most Popular Articles
From the Career Center
Jobs that may interest you
Refinery Capital Project Manager
Expertise: Project Management|Refinery / Plant Operations Supervisor
Location: Houston, TX
Senior Sales Representative
Expertise: Business Development|Sales & Marketing|Technical Sales
Location: Texas or surrounding states, TX
French speaking - Tax Manager
Expertise: Accounting or Finance
Location: Scotland, CA
search for more jobs