Repsol sells exploration and production assets in Canada for $468M
Published on: Sep 8, 2023
The deal is part of Repsol’s ongoing portfolio reorganization to focus activity on core regions.
Repsol has agreed to sell its oil and gas assets in Canada to Peyto for $468 as part of its ongoing portfolio management to focus activity on core regions.
The agreement encompasses all the mineral rights, related facilities and infrastructure in Repsol’s Canadian upstream oil and gas business, including the assets in the Greater Edson area with a net production of 23 kboe/d, of which most is gas.
The company is high-grading its upstream portfolio through rotation of assets to concentrate and consolidate production in key areas −preferentially OECD countries− with a special focus on the US, where Repsol has built a material position that benefits from synergies that generate greater competitive advantages.
Since 2020, Repsol has made 14 discoveries that have added significant resources, mainly in the United States and Mexico, whose development will contribute to maintain current levels of production until the end of the decade.
