Repsol successfully bid for exploration rights in Canada’s Newfoundland and Labrador Offshore Area, allowing the company to press ahead with its plans to increase oil and gas finds and production in OECD countries.

Repsol successfully bid for three blocks, two in the Central Ridge/Flemish Pass and one in the Jeanne d’Arc Basin. The company is partnered by Husky Oil and Petro-Canada in the winning bids.

Over the period of the 2008-2012 strategic plan, Repsol aims to spend 9.3 billion on its upstream business, of which 4.8 billion euros will be spent on identifying and developing new exploratory areas.

This year, Repsol has brought online new production from the strategic areas of Gulf of Mexico, Libya and Peru, adding to its reserves and output.