Repsol boosting E&P, adjusting management

06/18/2012
Repsol of Spain has changed its management structure while adopting a strategy for 2012-16, emphasizing growth in exploration and production. The company targets growth in oil and gas production of 7%/year and a production level of 500,000 boe/d in 2016 with reserves replacement of 120% for the period. Upstream operations will receive almost 80% of planned investment exceeding €19 billion through 2016. E&P spending will focus on exploration and 10 "key growth projects" in Brazil, the US, Russia, Spain, Venezuela, Peru, Bolivia, and Algeria. The company's control of YPF of Argentina recently fell under the threat of nationalization, which it calls unlawful and says it will fi...
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