The Spanish oil and gas company has agreed to sell a 25% stake in its upstream business to US institutional investor EIG for a total consideration of €4.8bn. This transaction, approved by the Board of Directors of Repsol, values the upstream business at €19bn. The deal between Repsol and EIG includes the possibility of listing a minority stake of the business in the United States from 2026 onward, subject to favorable market conditions.
The portfolio of upstream assets is made up of areas in North America (US, Canada, Mexico), South America (Brazil, Peru, Bolivia, Trinidad and Tobago, Colombia and Venezuela), Europe (Norway, UK), North Africa (Algeria, Libya), and Asia (Indonesia). The company is expected to produce an average of 570,000 boe/d in 2022 and has proven and probable reserves of 2.3 Gboe, of which nearly 70% is gas.