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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.
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