Does Repsol point the way again for European peers?
The Spanish firm has form for leading where other firms swiftly follow
Spain’s Repsol was the first large-scale oil and gas firm out of the blocks in December 2019 in announcing a 2050 net-zero pledge. Eyebrows were publicly raised, while Petroleum Economist understands the firm was privately subject to irate lobbying from other companies to rethink a strategy they felt unnecessarily increased scrutiny on the industry more widely. Fast forward almost three years and even many NOCs have net-zero targets, while IOCs without them are a vanishing breed. With that in mind, Repsol’s September announcement that it will spin out its oil and gas production into a standalone company—albeit one in which it retains a 75pc stake and operational control—could foreshadow more

Also in this section
12 February 2025
The oilfield expansion provides a fresh influx of revenue but will strain its cooperation with OPEC+ and fails to mask deeper issues with the economy and investors
11 February 2025
Improving compliance among the group and wider group is offset by production increases in outliers Libya, Venezuela and Iran
10 February 2025
The country wants to kickstart its upstream but first needs to persuade investors to foot the bill
10 February 2025
The February 2025 issue of Petroleum Economist is out now!