Repsol has announced its plans to invest between EUR8.5bn and EUR10bn for the 2026–2028 period as part of its updated strategy (Repsol press release, 10/03/2026). Most of the investment will be directed to Spain and Portugal (55%), followed by the US (34%).
- For its upstream business, the company has focused its efforts on improving its asset portfolio while reducing the carbon intensity of its operations which has led to the concentration of its operations in markets with greater competitive advantages and growth possibilities, reducing its presence from 18 to 10 countries. Repsol plans to invest about EUR3bn in upstream projects, most of which will be in the United States (80%).
- Repsol expects several upstream projects to come online soon such as the first phase of Pikka in Alaska, US (30-35 kb/d) and the Raia (BM-C-33) in the Campos basin in Brazil (40-50 kb/d), both of which are expected to come online in 2028. The company expects to increase its production by 6-10% higher than in 2025 (580-600 kb/d), of which about 40% is expected to come from the US.
- According to the announcement, Repsol plans to invest 30% on low-carbon initiatives. Repsol aims to reach an equivalent production of up to 300 MW of renewable hydrogen and 9 GW of renewable energy in operation (especially wind and BESS, to hybridize existing assets) by 2028.
The company also announced it achieved its goal for 2025 of reducing its Carbon Intensity Indicator compared to 2016 by 15% and it now aims to reach a reduction of 25% by 2030, 55% by 2040 and 100% by 2050.
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