Energy Voice | Repsol to invest £7bn in ramping up production over next two years

Spanish oil giant Repsol will invest about £7billion in its upstream oil and gas business over the next two years.

Madrid-headquartered Repsol, which has a 51% stake in North-Sea producer Repsol Sinopec Resources UK, said it intended to lift its production by 8% to 750,000 barrels of oil per day in that time.

Three-fifths of the investment will go towards growth projects and exploration, with onshore and shallow-water projects top of the agenda.

The company said it would prioritise organic growth from existing assets, highlighting opportunities in Peru, the US, Norway, Malaysia, Indonesia, Libya and Algeria.

Repsol will also put £2.2billion towards low emission energy projects.

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