Repsol is now revising its exploration strategy and will reduce exploration activity in Norway. The company will focus on its existing portfolio as well as exploration around existing infrastructure and discoveries.
– With the revised exploration strategy, we cannot defend to maintain an exploration department the same size as before, and we have reorganized the exploration department to match the expected activity level in the future, says Grethe Elise Foldnes, Manager External Affairs at Repsol.
– As part of the reorganization, we are reducing the number of employees directly involved in exploration activities, either by offering early retirement, voluntarily retiring or transferring to other departments in Repsol Norge AS, she points out.
Repsol produces about 32,000 barrels o.e. per day and is an operator in the fields Gyda, Blane and Rev and has ownership interests in many more. Repsol’s exploration activity has focused on the North Sea (currently 6 licenses) where most of the producing fields are located. Outside of Central Norway and in the Barents Sea, the company participates in respectively. 4 licenses and 1 license.
Repsol also wants to retain relevant expertise and capacity in the organization in Norway so that the business can be fully carried out in accordance with the regulations, including that applicable to the existing exploration portfolio.
However, the follow-up of the exploration portfolio will no longer be organized in a separate exploration department, but rather be an integral part of the local organization.
– As an international E&P company, we will continue today’s scheme where we, in addition to local expertise, have access to exploration resources and technical expertise from around the world. In this way, we ensure that we continue to apply world-class standards for all our exploration activities, including those in Norway, ”says Grethe Elise Foldnes.
Foldnes also specifies that the activity in the individual permits will continue on the basis of the respective permits’ work program and budget, and will be carried out with the same quality requirements as before.
«Repsol is a global, integrated energy company. Our activities span the entire value chain: ranging from exploration, production, and refining to marketing and new energy R&D. Our corporate headquarters are located right in the center of Madrid.
Repsol has a presence across the Norwegian continental shelf through its wholly owned subsidiary Repsol Norge AS . Repsol Norge AS is a fully integrated Exploration-and Production Company and the organization has been operating on the Norwegian shelf since 2003. Our office is located in Stavanger.
The acquisition of Talisman Energy in 2015 dramatically expanded Repsol’s presence and competence in Norway. To Repsol, Norway represents an opportunity for sustained growth. We see it as a strategic market with a large exploration and production potential that has and will continue to contribute value to the company.»