• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News
    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    IEA Warns of Global Oil Demand

    IEA Warns of Global Oil Demand Slowdown in 2025

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Oil And Gas Sector in Syria

    Oil And Gas Sector in Syria Looks forward to Resurgence

    OPEC

    OPEC+ Stretches Per Day Oil Output of Saudi Arabia

    Production Surge

    Effect of OPEC+ Production Surge on US Crude Oil Prices

    US Radar

    Those Buying Oil or Petrochemicals from Iran on US Radar

    Raise Asia Oil Prices

    OPEC+ Decision Pushes Saudi Arabia to Raise Asia Oil Prices

    Oil-and-Gas-Expansion

    South Africa Drives Oil and Gas Expansion Strategies

  • Projects
    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

    Engine No. 1, Chevron And GE Vernova To Power U.S. Data Centers

    Baker Hughes Secures Significant Gas Technology Order for Third Expansion Phase of Aramco’s Jafurah Gas Field

    SLB Capturi powers up its first modular carbon capture plant

  • Market Reports

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

    CNOOC

    Petrobras achieves second highest profit in history in 2023: R$ 124.6 billion

    TotalEnergies enters into agreement with GIP on Gladstone LNG

    TotalEnergies expands its presence in the Orange Basin with a new offshore Exploration license

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News
    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    IEA Warns of Global Oil Demand

    IEA Warns of Global Oil Demand Slowdown in 2025

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Oil And Gas Sector in Syria

    Oil And Gas Sector in Syria Looks forward to Resurgence

    OPEC

    OPEC+ Stretches Per Day Oil Output of Saudi Arabia

    Production Surge

    Effect of OPEC+ Production Surge on US Crude Oil Prices

    US Radar

    Those Buying Oil or Petrochemicals from Iran on US Radar

    Raise Asia Oil Prices

    OPEC+ Decision Pushes Saudi Arabia to Raise Asia Oil Prices

    Oil-and-Gas-Expansion

    South Africa Drives Oil and Gas Expansion Strategies

  • Projects
    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

    Engine No. 1, Chevron And GE Vernova To Power U.S. Data Centers

    Baker Hughes Secures Significant Gas Technology Order for Third Expansion Phase of Aramco’s Jafurah Gas Field

    SLB Capturi powers up its first modular carbon capture plant

  • Market Reports

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

    CNOOC

    Petrobras achieves second highest profit in history in 2023: R$ 124.6 billion

    TotalEnergies enters into agreement with GIP on Gladstone LNG

    TotalEnergies expands its presence in the Orange Basin with a new offshore Exploration license

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home News

Repsol to wind down oil exploration, focus on renewables growth

venkat by venkat
November 27, 2020
in News, Upstream
0
Exxon posts deepest-ever loss as Covid-19 destroys global oil demand

Repsol SA will reduce its dividend next year as it outlined plans to wind down the search for oil and expand its renewable capacity fivefold during the next decade.

The Spanish company, which was the first oil major to set a net-zero emissions target a year ago, will put its projects into “harvest mode” as it refocuses on higher-value oil production in fewer countries. While the dividend will be lower in 2021, it will be paid out entirely in cash, unlike the current distribution which is mostly given as new shares. Repsol expects to start growing the payment again from 2023.

Repsol’s decision last December to write down the value of its oil assets by 4.8 billion euros ($5.7 billion) and a promise to eliminate net emissions of greenhouse gases from its operations by 2050 was the first step in a dramatic shift for the oil industry. It plans to funnel cash from the petroleum business into an expansion of renewable capacity to 15 gigawatts — including wind and solar — from the current 2.95 gigawatts.

The “new strategic plan highlights the continued shift in focus to renewables from oil,” said Salih Yilmaz, an energy analyst at Bloomberg Intelligence. “The move is expected to be self-financing with Brent at $50 a barrel.”

Repsol’s new strategy also includes a concrete target for green-hydrogen production, setting it apart from other oil producers. Most companies argue this fuel is not yet cost-effective. The company is seeking to align itself with the Spanish government’s aim of transforming the country into a key European hub for hydrogen shipments, and Repsol aims to produce more than 1.2 gigawatts in 2030.

The company plans to use three types of technology to produce green hydrogen: electrolysis, using renewable electricity to make hydrogen from water; biomethane in steam reformers, which extracts hydrogen from gas produced from biological sources; and photo-electrolysis, where sunlight is used to extract hydrogen from water.

The shares fell 4.4% to 8.35 euros at 11:57 a.m. in Madrid, taking this year’s decline to about 40%. The Stoxx Europe 600 Oil & Gas index was trading 1.1% lower.

Dividend Policy

Repsol early move on emissions cuts have been followed, or bettered, by larger European rivals, including Total SE, Royal Dutch Shell Plc and BP Plc, although the U.S. majors remain committed to fossil fuels. Some of the biggest oil companies have also reduced their dividend payouts as they reset in the face of the coronavirus-induced slump and the pressure to move more decisively in the energy transition.

Repsol will reduce the dividend to 60 euro cents a share next year from 1 euro in 2020, the company said in a presentation Thursday. It plans to boost it by 5 cents annually from 2023 to 2025.

The company also set a new payout policy, moving all outflows to cash and no longer offering a so-called scrip, which is paid in shares. It doesn’t plan to increase debt in the next five years, and is targeting adjusted earnings before interest, taxes, depreciation and amortization of more than 8.2 billion euros by 2025.

Chairman Antonio Brufau started to publicly outline his intention to build a cleaner oil firm as far back as 2016. Central to the Catalan-native’s strategy is becoming what he calls an all-around “energy company” rather than an oil producer. Last month, Chief Executive Officer Josu Jon Imaz said he is already spending more on developing renewable projects than searching for oil.

The company may sell a minority stake in its low-carbon business unit, or hold an initial public offering next year or in 2022, the CEO told reporters. It is also looking at potential renewable deals to enter new markets, beyond the countries in which it already operates.

“By 2030, Repsol will be a company that is renewed, more sustainable, and more focused,” according to the strategic plan published on Thursday. “Our strategy is based on a multi-energy offering that combines all the technologies for decarbonization.”

Previous Post

ADNOC taps Chinas BGP for world's largest 3D onshore/offshore seismic survey project

Next Post

UK oil and gas sector confidence plunges to record lows

Related Posts

UAE Energy Investments in the US
America

UAE Energy Investments in the US to Reach $440B by 2035

May 21, 2025
IEA Warns of Global Oil Demand
America

IEA Warns of Global Oil Demand Slowdown in 2025

May 21, 2025
Trans Mountain Pipeline Expansion Boosts China Oil Trade
America

Trans Mountain Pipeline Expansion Boosts China Oil Trade

May 21, 2025
Effect of Generative AI and Blockchain in Oil and Gas Sector
Upstream

Effect of Generative AI and Blockchain in Oil and Gas Sector

May 21, 2025
Sinopec Sets New Vertical Well Depth
Drilling

Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

May 21, 2025
Oil And Gas Sector in Syria
News

Oil And Gas Sector in Syria Looks forward to Resurgence

May 17, 2025
Next Post
Pengerang to be major downstream hub for oil and gas

UK oil and gas sector confidence plunges to record lows

About Us

Oil and Gas Advancement is a leading information centric website providing latest information and happenings within the industry. Featuring the latest news and developments within the Upstream, Midstream and Downstream Industries. Oil and Gas Advancement runs with an objective to provide a one stop knowledge driven content to our reader and subscribers in various forms like news, projects, upcoming events.

Subscribe Us

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.