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    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

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    Dubai To Reduce Its Carbon Emissions By 6.5mn Tonnes A Year

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Transportation Oil & Gas Congress (TOGC 2024): The roles of pipelines in energy transition

    Saipem New Onshore E&C contracts

    Saipem scores $1.9 billion contract wins offshore Guyana and Brazil

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    Five EU countries strengthen carbon capture and storage bonds with new declaration, paving the way for Europes CCUS market

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    OPEC to participate in upcoming UN Climate Change Conference in Dubai and host a special pavilion

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    AD Ports expands shipping operations in Kazakhstan with tanker pair

    Arabian Pipes Co wins $42.6m supply contract from Saudi Aramco

    Viking CCS project gets green light for onshore CO2 transportation pipeline

    Saipem New Onshore E&C contracts

    Saipem awarded two offshore contracts worth approximately 1.9 billion USD

    Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

    Aramco produces first unconventional tight gas at South Ghawar

  • Projects
    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

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

  • 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
    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    DNV approves F550 TMCP toughcore for LCO2 transport and storage

    CNPC puts into operation of its new production lines for surgical masks

    ConocoPhillips puts plans into play to undertake multiple seabed surveys and offshore drilling ops

    bp's Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    bp’s Archaea Energy achieves major milestone, brings online first of its kind renewable natural gas plant

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Eni and UK outline key terms for CO2 transport and storage at HyNet North West

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    Wintershall Dea expands Algerian presence by increasing interest in major natural gas project

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    QatarEnergy signs long-term LNG supply deal with TotalEnergies

    Europe's largest green hydrogen plant showcased at Dubai Expo on Spain Day

    Exxon, Amazon awarded slice of $7 billion federal funding for U.S. hydrogen projects

    Angolan exploration and production to drive Africa cumulative capital expenditure

    Kolibri wells in Oklahoma’s Tishomingo field producing over 600 boed

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    Ducab Group secured 30 major contracts in oil and gas sector in 2023

  • Market Reports
    Ducab Group secured 30 major contracts in oil and gas sector in 2023

    NOG expands Permian presence, enters Ohio Utica shale with $170 million acquisitions

    Saudi Aramco to acquire Shell’s share of the SASREF refining joint venture

    Aramco to enter global LNG business by acquiring stake in MidOcean Energy

    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

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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.”

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