Repsol has acquired the 63% stake that its partner Equinor owned in Eagle Ford, a producing asset in Texas (United States), for $325 million. Repsol will therefore own 100% of the working interest and be the operator of the asset.

This agreement will allow Repsol to improve the management of its producing assets portfolio and take advantage of operating synergies that will translate into higher efficiencies.

The acquisition is aligned with Repsol’s 2018-2020 Strategic Plan, which identifies North America as a key business area due to the extensive existing infrastructure and the stability of the regulatory framework.

The agreement is included in the planned investments for 2018-2020 in the Upstream unit, totaling 8 billion euros and is part of the company’s asset rotation policy that aims to achieve a balanced and profitable portfolio and bring forward the achievement of the strategic priorities of portfolio upgrading, profitable growth and increased returns.

Repsol is acquiring approximately 70,000 net acres and 34,000 barrels of oil equivalent a day of production so that total output for Repsol at Eagle Ford after the agreement will reach approximately 54 thousand barrels of oil equivalent a day.

About Repsol

Repsol is a global energy company present throughout the whole energy value chain. The company has upstream activity in 25 countries, produces 715,000 barrels of oil equivalent per day and has one of the most efficient refining systems in Europe. Repsol also operates low-emissions electricity generation assets, including photovoltaic and offshore wind power projects, and it is pioneering development of mobility initiatives to build new solutions and provide enhanced energy sources for transportation. Repsol is present in the United States since 2006. As of December 31, 2018, the company had 559 employees working in the country, owned mineral rights to a total net surface area of 3,111 Km2 and accounted for a net production of 113,539 barrels of oil equivalent per day. Net proved reserves in the United States amounted to 419.2 million barrels of oil equivalent.

About Equinor

Equinor, is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.