“This equity split reflects the contributions and strategic alignment of both parties in the creation of a market-leading entity in the UKCS, with a projected 2025 production of approximately 130,000 barrels of oil equivalent per day”, Repsol said in a statement online announcing completion.
The combined entity will be owned by Repsol E&P Group (45%) and NEO UK (55%) and is positioned to become one of the largest producers in the UK Continental Shelf with output of approximately 130,000 boepd in 2025, according to the companies’ projections.
Halliburton will provide subsurface technology, drilling and completion services for producing assets, as well as digital solutions for new developments. The company will deliver a rigless intervention framework for well construction and production, as well as support for plug and abandonment (P&A) operations.
The Repsol-NEO statement added, “Aligned with market standards in the UKCS, Repsol E&P will retain a [decommissioning] funding commitment up to a nominal amount of $1.8 billion, representing approximately 40 percent of the decom liabilities related to its legacy assets. Repsol E&P will continue to provide decommissioning security for existing Repsol E&P legacy assets”.
Spanish energy company Repsol has reached a FID on its Ecoplanta project to build a facility to convert non-recyclable municipal waste into sustainable methanol in Spain, the company announced on Wednesday.
Latin America-focused E&P player Geopark will acquire Repsol’s upstream oil and gas assets in Colombia for USD 530 million, the companies said on Friday. Under the sale and purchase agreement, Geopark will acquire assets in the prolific Llanos Basin, one of Colombia’s most productive oil regions – an area where the company has established upstream […]
Repsol has agreed to sell its oil and gas assets in Canada to Peyto for $468 million (approx. €433 million) as part of its ongoing portfolio management to focus activity on core regions.
Oil prices hit US$120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.