Posted By Jessica Weisman-Pitts
Posted on October 31, 2024
MADRID (Reuters) – Spanish oil company Repsol is working on more deals in its renewable operations in Spain and the United States while it also seeks a solution for its exploration and production businesses in the North Sea, Chief Executive Josu Jon Imaz said on Thursday.
Repsol’s strategy has been focused on selling minority stakes in renewable projects to help fund expansion of green energy and biofuel capacity while focusing its upstream business on key markets like the U.S.
The company expects the divestment of stakes in renewable projects in the U.S. and Spain with an overall impact on its debt of some 1.4 billion euros ($1.52 billion) to close by the end of the year or early next year, the CEO told analysts in a call following the company’s quarterly results.
This includes the 637 megawatt (MW) Frye Solar project in Texas and two solar plants in New Mexico with an total capacity of 125 MW, he said, as well as two portfolios of Spanish green assets of between 400 and 500 MW each.
“The only transaction we had in our hands some months ago and we cancelled was Norway,” Imaz said. He said the company wanted a more “holistic solution for the whole North Sea, including the UK.
Repsol’s UK North Sea business has interests in 48 offshore fields, of which it operates 38, according to its website.
Earlier this year, Repsol called off the sale of the Norwegian business, which has oil and gas producing fields on the Norwegian continental shelf.
He did not elaborate further.
($1 = 0.9205 euros)
(Reporting by Pietro Lombardi, editing by Inti Landauro and Jane Merriman)
