Repsol Boosts 4Q Production
Spanish integrated producer Repsol released preliminary production data January 22, ahead of its official 4Q results scheduled for February 28.
Repsol said its net production reached 715,000 barrels of oil equivalent/day in 4Q 2017, which was 5.4% higher than the final quarter of 2016, and 3.2% up on 3Q 2017.
Three out of its four core producing regions increased production under both parameters. Whereas the increase in Latin America/Caribbean (to 310,000 boe/d) and North America (to 178,000 boe/d) was modest, its Europe/Africa/Brazil region saw a year on year increase of 37.1% to 145,000 boe/d in 4Q. Asia/Russia production of 83,000 boe/d in 4Q was down by 11.9% year on year, but static versus 3Q 2017. There was no breakdown in the January 22 data of how much 4Q 2017 production was gas, this being expected in full results late next month.
Much of the increase is attributable to Brazil, UK and resumed output in Libya, but the new 4Q2017 output level is actually not far off its 714,000 boe/d production in 1Q 2016, before non-core divestments.
Repsol confirmed last month that the Reggane Nord gas development in southwest Algeria started production December 13; plateau production level of 2.92bn m3/yr is expected at 100% equity; the $3bn project includes Repsol and Algerian state Sonatrach as joint operators with equity of 29.25% and 40% respectively, Russian-owned DEA 19.5% and EDF's Italian subsidiary Edison 11.25%.