Repsol targets renewables deals, seeks 'solution' for North Sea business

Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea.

Repsol has a strategy that focuses on selling minorities in renewable projects, to fund the expansion of green energy capacity and biofuels. It also focuses its upstream activities on key markets such as the U.S.

The CEO of the company told analysts that the divestment will be completed by the end of this year or early in next year. This will have an impact of approximately 1.4 billion euro ($1.52 billion), on the debt.

He said that the portfolio included two Spanish green assets with capacities between 400 and 500 megawatts each, and also the 637 megawatt Frye Solar Project in Texas, and two solar plants located in New Mexico.

Imaz stated that the only transaction in which we were involved a few months ago was with Norway. He stated that the company was looking for a "holistic solution" to cover the entire North Sea including the UK.

According to its website, Repsol's UK North Sea Business has interests in 48 fields offshore, of which 38 it operates.

Repsol halted the sale of its Norwegian business earlier this year. The Norwegian business has oil and natural gas fields on the Norwegian continental shelves.

He didn't elaborate any further.

(source: Reuters)