Repsol is first oil major to pledge zero emissions by 2050

Repsol SA embarked on the most ambitious attempt yet by an oil major to align itself with the Paris climate goals. The first WindFloat Atlantic unit featuring the world’s largest offshore wind turbine on a floating platform. The Chairman of Repsol warns in Brussels of the risk of relocation of European industrial production. Repsol has formed a Joint Venture with United Global Limited after buying a 40% stake in its Singapore-based lubricants manufacturer. Company saying it will eliminate all greenhouse gas emissions from its own operations and its customers by 2050. The company’s net income was 1.133 billion euros in the first six months, compared with 1.546 billion in the same period of the previous year.

Repsol has agreed the development of two wind projects in the Spanish regions of Aragon and Castilla y Leon. Repsol and its partners have achieved first oil in Buckskin, an ultra-deep project located in approximately 6,800 feet (2,073 meters) of water in the Gulf of Mexico. The Spanish giant’s exploration and production unit will focus on value instead of output growth, according to a statement from the company on last Monday. Repsol Chairman Antonio Brufau, at the Annual General Shareholders’ Meeting held today in Madrid. Net income increased 10% from the previous year to 2.341 billion euros, the highest in the last eight years. Repsol has reached an agreement with Equinor to acquire its stake in Eagle Ford (Texas).

It also revised its long-term view of the value of oil and gas assets in a decarbonizing world. Company has departed for its final destination off the Portuguese coast of Viana do Castelo. Brufau asked for all sectors—governments, public and private enterprises. It will expand Repsol’s presence in Asia Pacific and especially Indonesia, the region’s largest lubricants markets. It included a capital gain of 344 million euros from the sale of its interest in Naturgy. Spending will be redirected into the transition to clean energy, and Repsol’s board of directors approved new investments in two solar. The project has come online ahead of schedule and with a cost reduction of 60% from initial development plans.

The project with a combined capacity of 1,600 megawatts, boosting the company’s total renewables portfolio by 40%. Adjusted net income specifically measures the performance of the company’s businesses, grew 10% to 2.352 billion euros. It gains control of 100% of this asset and becomes the operator. The project will speed up the commercial deployment of innovative WindFloat technology that harnesses the wealth of wind resources in transitional. The Joint Venture will manufacture and supply Repsol’s brand of products in Singapore, Indonesia, Malaysia and Vietnam. Strong earnings were achieved in a context of lower crude oil prices, a decline in international refining margins.

The projects represent a significant step in Repsol’s strategic objective of strengthening its positioning as a low-emissions energy. The company has achieved 90% of its target capacity for low-emissions generation of 4,500 MW by 2025. Undermines global research for improvements and reduces the possibility of a better world in the medium and long term. The earnings reflect the strength of the company’s businesses as well as its flexibility, adaptability and preparedness for any scenario. Company believe now it is the right time for Repsol. We do it with the utmost confidence. The Upstream unit doubled its 2017 earnings to reach 1.325 billion euros, bolstered by implemented efficiency measures.

Oil majors are under increasing pressure to transform their businesses in line with climate goals. The Joint Venture will upgrade the manufacturing plant in Indonesia and combine Repsol’s strong brand. Buckskin stands as an example of lean operation thanks to an optimized development plan based on technology, efficiency measures. Chief Executive Officer Josu Jon Imaz explained the company’s main achievements over the past year. Hydrocarbon production increased by 3% to 715,000 barrels of oil equivalent per day. Repsol took a significant step forward in its commitment to being a key player in the energy transition. The growth was supported by the start-up of projects in Algeria.

Chief Executive Officer Josu Jon Imaz says “We are convinced that we must set more ambitious objectives to fight climate change”.

The environmental groups but also from large institutional investors. Repsol consolidates its position as a major player in the generation of low-emissions electricity on the Iberian Peninsula. In Buckskin, Repsol has a 22.5% working interest, while LLOG operates the field with a 33.8% interest. The added stake in this asset will allow improvements in operations and synergies. Repsol’s peers Royal Dutch Shell Plc, BP Plc and Total SA have set their own targets to reduce emissions. The Downstream unit’s earnings Refining, Chemicals, Marketing, Lubricants, LPG, Trading & Gas and Repsol Electricidad y Gas totaled 1.583 billion euros. Repsol will develop three renewable energy projects two wind farms.

Repsol and LLOG Exploration Offshore today announced the start of oil production from the ultra-deepwater Buckskin project. Company investing in renewable energy, electric-car charging and battery technology. Repsol’s Annual General Shareholders’ Meeting approved a shareholder remuneration equivalent to 0.525 euros gross per share. The refining margin was in line with that of last year, and is among the best in Europe. Repsol has acquired the 63% stake that its partner Equinor owned in Eagle Ford, a producing asset in Texas (United States), for $325 million. The company updated its strategy last June after meeting the objectives of the 2016-2020 Strategic Plan two years ahead of schedule.

Investors also worry whether companies that have focused for decades on oil and gas. It will take the total shareholder remuneration proposed for the year. The update is based on three pillars: an increase in shareholder compensation. WindFloat Atlantic project marks an important milestone for the industry as this is the first semi-submersible floating wind farm. The strength of the earnings and the company’s ability to generate cash have motivated the Board of Directors. The achievement is a successful demonstration of lean operations that the company has rolled out globally to increase the efficiency of exploration. Company thrive in the very different business of harvesting energy from the wind, waves and sun.

A London-based association that brings together 50 of the largest investors. The Upstream business posted profit of 646 million euros. The acquisitions represent a significant step in Repsol’s strategic objective of strengthening its positioning. Standardized procedures and synergies with partners, building a long-term sustainable business. The shareholders also approved the re-election of directors Antonio Brufau, Josu Jon Imaz, Jose Manuel Loureda. Significant steps were taken during the year to consolidate the low-emissions businesses. Repsol will therefore own 100% of the working interest and be the operator of the asset. Trading of Repsol shares in Madrid had closed at the time of the announcement.

Brufau warned that industry in Europe has begun losing ground. The development adds two wind projects, one located in Zaragoza and the other between Palencia and Valladolid. Company also agreed the appointment of Aranzazu Estefanía Larranaga. It supporting Repsol’s commitment to becoming a leading global multi-energy provider. The agreement will allow Repsol to improve the management of its producing assets portfolio and take advantage of operating synergies. The company made the world’s largest on-shore discovery in 2019. It’s depository receipts in New York dropped sharply, trading 2.5% lower at $15.275 at 1:07 p.m. local time. Repsol exceeds the Spanish Stock Exchange Commission’s Code of Good Governance recommendation relating to 30%.

By 2025, Repsol aims to reduce a measure called the carbon intensity indicator by 10% from a 2016 baseline. The acquisition is aligned with Repsol’s 2018-2020 Strategic Plan. Repsol completed the purchase of Viesgo’s non-regulated, low-emissions electricity generation assets. The reduction will deepen to 20% by 2030, 40% by 2040, and net-zero carbon dioxide emissions by 2050, according to the statement. The agreement is included in the planned investments for 2018-2020 in the Upstream unit. The targets are for so-called scope three emissions, which includes those from end-users of the company’s products. Repsol is implementing a digitalization program throughout the company.

The company will link at least 40% of the long-term variable pay of its managers and leaders. The Downstream unit earned 715 million euros, compared with 762 million in the same period of 2018. It including the CEO and senior executives, to objectives that lead the company to comply with the Paris agreement. It will generate one billion euros in 2022 from new revenue and the optimization of investments and expenses. Repsol is acquiring approximately 70,000 net acres and 34,000 barrels of oil equivalent a day. It combined output from the 794 MW capcity is enough to supply the annual needs of about 650,000 homes. Each investment will be considered in terms of compliance with the climate agreement.

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