MOSCOW (MRC) -- Spanish oil and gas company Repsol SA is considering putting some of its Canadian assets for sale later this year as it looks to reap the benefits of higher oil and gas prices, four sources told Reuters on Monday.
Repsol is seeking buyers for its holdings in the Duvernay basin, in western Canada, which are still in early development stages, according to its website. The company's 170,000 acres (688 square kilometers) in the Duvernay could fetch about CD750 MM (USD589.9 MM), according to an industry source.
Repsol also owns assets in Alberta's Greater Edson and Chauvin basins, along with gas- and power-related infrastructure.
Repsol has not made a final decision on any of the assets, the sources cautioned, adding that among the options it could consider are partial sell-downs or joint ventures.
Repsol, whose total annual Canadian production was 57,800 barrels of oil equivalent per day in 2019, could still choose to retain the assets as is, they said.
As MRC reported earlier, Repsol said in October, 2021, it will invest EUR2.549 billion (USD2.958 billion) in the entire hydrogen value chain by 2030. Renewable hydrogen is one of Repsol’s strategic pillars to achieve zero emissions by 2050. Thus, the company presented its hydrogen strategy for up to 2030.
We remind that the “Cracker of the Future” consortium has recently announced two new member companies: Repsol and Versalis (Eni) have joined the consortium.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
Repsol is headquartered in Madrid, Spain. In the 2020 Forbes Global 2000, Repsol was ranked as the 645th-largest public company in the world. It has more than 24,000 employees worldwide. Its products are distributed in nearly 100 countries to around 24 million customers. Repsol Industrial Complex in Sines is the largest chemical site in Portugal.
MRC