Econostrum | Economic News in the Mediterranean

The Spanish oil company Repsol would like to disengage from Morocco

Written by Eric Apim on Monday, February 15th 2021 à 14:37 | Read 551 times

Repsol wants to become zero carbon by 2050 (photo: Repsol)
Repsol wants to become zero carbon by 2050 (photo: Repsol)
SPAIN / MOROCCO. According to the Spanish private press agency Europa Press, Repsol intends to withdraw from Morocco, Australia, Ireland and Iraq. At the end of November 2020, its CEO Josu Jon Imaz unveiled the strategic plan 2021-2025 for his company, which specialises in the exploration and production of hydrocarbons. He spoke of his intention to reduce its global presence to 14 countries over the next 20 years, compared to 35 countries (25,000 employees).

Josu Jon Imaz explained this rationalization by a desire "to be more efficient in the upstream field". This will be achieved through the sale of exploration and production assets. The CEO specified that the seven large industrial complexes located in Spain, Portugal (its two main markets) and Peru would be given priority and would continue to develop into multi-energy centers. These sites currently have a refining capacity of one million barrels per day.

In Morocco, the Madrid-based company is present both upstream (exploration and extraction) and downstream (production and distribution, i.e. refineries and service stations). Repsol has been working there since 2010 and could therefore abandon its activity, which would imply the sale of its 75% stake in the Ghrab Offshore South block located in the Rharb Prérif basin over an area of 7,026 km². The Spanish is also engaged in the distribution of lubricants in Morocco.

In the same region, Repsol is also established in Algeria (since 1973 with, in particular, the Reggane Nord, Ilizi Sud-Est and Tin-Fouye sites) and in Libya since the early 1970s.

Repsol (€6.2bn EBITDA in 2019, €3.8bn in 2020 and €6.6bn expected in 2022) plans to become a zero-emissions company by 2050. The strategic plan 2021-2025 is a first step with €18.3 billion of investment over the period, including €5.5 billion allocated to low-carbon initiatives. The company is expected to expand in this sector in countries where it already has assets such as Spain, Portugal and Chile.


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