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What we do Upstream

Upstream

An optimal size in Upstream

This business encompasses our oil and gas exploration and production operations worldwide. We boast a balanced asset portfolio with a strong presence in three key areas: North America, Latin America, and Southeast Asia. During 2016-2020, the business's strategy will focus on maximizing the asset portfolio's value through efficiency, while always undertaking a solid commitment to safety and the environment.
  • 64% de producción de hidrocarburos
    Committed to gas production
    In 2016, our gas production increased to 65%, amounting to 447,000 barrels of oil equivalent per day.
  •  700.000 barriles equivalentes de petróleo
    Annual production increase
    Our average net production reached 690,200 barrels of oil equivalent per day, up 23% from 2015.
  • 2.373 millones de barriles de petróleo de reservas
    Positive evolution of reserves
    In 2016, proved reserves amounted to 2.382 billion barrels of oil equivalent.

Global presence

At Upstream, we work hard day after day to ensure that efficiency, safety, and environmental respect are at the heart of our projects.

We have a high quality, balanced, and diversified portfolio which means that we operate in the world's most energy rich areas. The main strategic areas where Repsol operates are North America, Latin America, and Southeast Asia which are classified as priority areas due to their energy potential. Additionally, we focus on our onshore, shallow water, and unconventional assets. 

We are a renowned worldwide for our exploration capacity and have made over 40 discoveries, eight of which are some of the world's most important. 

Diversification in Upstream and efficient portfolio management have enabled us to achieve an average production of 700,000 barrels per day, with net proved reserves of 2.382 billion barrels of oil eqivalent (BOE). 

Our hydrocarbon production is 65% gas, proof of Repsol's strong commitment to creating a more efficient energy model with lower emissions.

Efficiency and safety, a priority in our operations

Technological innovation is a key element for our Upstream business. It enables us to be more efficient upon undertaking our projects, and it also helps us improve safety and ensure respect for the environment.

Competitivos e innovadores
Our Repsol Technology Center (RTC) is the core of our Research and Development. There, a team of more than 200 researchers develops disruptive projects with real applications that have led Repsol to become an Upstream international leader. 
Some our most important projects include Sherlock, Excalibur, Caleidoscopio, HEADS, and PEGASUS. Thanks to these initiatives, we have achieved an exploration success rate of 50%, one of the highest in the sector.
Responsibility is of one of the key elements that guides our work. Therefore, we apply the highest safety and environmental standards, allowing us to achieve optimal performance in all of our operations, while protecting people, the environment, and the facilities.

2016 Milestones

April
May
October
December
Cementero

April

Production start-up of Perla 9 well located in the Perla mega gas field in Venezuela – one of the largest onshore gas fields in Latin America
Generación de energía

May

Record production of 1 trillion cubic feet in the Marcellus field (Pennsylvania, US) – one of the largest and most prolific shale gas fields in the world
Minero

October

Signing of agreement to extend operations in the Caipipendi block in Bolivia for an additional 15 years, until 2046
Papelero

December

  • Production start-up in the Lapa offshore field, located in the Brazil pre-salt, generating a production of 7,200 barrels of oil equivalent per day
  • Activity resumes in the Sharara field in Libya, with an initial production of 20,000 barrels of oil per day

Main figures for 2016

Upstream's adjusted net income in 2016 stood at €52 million, compared to the -€925 million in the same period in 2015. The adverse impact of lower income caused by low oil and gas prices were offset by the positive impact resulting from larger volumes sold as well as the significant reductions in exploration expenses (due to fewer failed wells) and in operating costs (due to improved efficiency of operations). It is also worth noting that amortization charges were lower due mainly to the impairments recognized in the previous year.

Upon comparing the 2015 and 2016 results, it must be taken into account that, as a result of the acquisition of ROGCI, its businesses have been consolidated since May 8th, 2015.



ADJUSTED NET INCOME

 

€ Million 2015 2016 Variation
Europe, Africa, and Brazil (124) 167 291
Latin America (27) 234 261
North America (124) 9 133
Asia and Russia 19 (4) (23)
Exploration and other (669) (354) 315
Adjusted net income (925) 52 977

Eager to find out more?

Downstream

This business encompasses a range of diverse activities concerned with the transformation and sale of hydrocarbons.

Emerging energies

Our commitment to technological innovation enables us to meet the current and future energy demand in a sustainable, efficient, and safe way.