Repsol Enjoys Strong First Half Production Performance
by Jon Mainwaring
|Thursday, July 25, 2013
Spain's Repsol saw a strong production performance and boosted its net income by 2.6 percent to $1.4 billion during the first half of 2013, the firm reported Thursday.
Repsol's hydrocarbon output increased by 12 percent to 359,700 barrels of oil equivalent per day during 1H 2013 as the company started up production from several important projects in Russia and Brazil, in line with its 2012-2016 Strategic Plan.
The firm's 2.6-percent increase to its net income was "especially significant", Repsol said, since 1H 2012 included earnings from Argentine subsidiary YPF, which was nationalized by Argentina's government in April 2012.
Repsol noted that the first half of the year saw it make new discoveries in Alaska, Brazil, Russia and Algeria, allowing the company to meet its resources incorporation target for the whole of 2013 in only six months. Three "good quality" discoveries were made on the North Slope of Alaska, while Repsol made a second gas find in Algeria's Illilzi basin.
The firm added that it is also carrying out an intense exploration campaign in Brazil, Canada, the US, Libya, Colombia and Indonesia.
Repsol said its Upstream unit continued to grow "despite a weak worldwide economic environment", improving earnings by 1.5 percent.
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