Repsol dumps Malaysia, Vietnam assets
After offloading assets in Russia, Spanish energy company Repsol said June 1 it was selling its upstream assets in Malaysia and Vietnam to a subsidiary of Malaysia’s Hibiscus Petroleum.
For an undisclosed sum, Repsol said it unloaded its Malaysian holdings and those at Block 46 CN in Vietnam, saying the sale aligned with its efforts to streamline its global portfolio.
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Collectively, the assets represented just 2% of the Repsol’s current net production.
“The funds raised from the transaction as well as the resulting capex savings will contribute to the global strategic goal of funding core projects and new low-carbon initiatives,” the company said.
The exit follows Repsol’s sale of its production holdings in Russia and its decision to stop oil production in Spain.
Repsol chair Antonio Brufau said in March that his company was responding to the Spanish government’s request for cleaner technologies with investments totalling $7bn (€5.9bn) spread out over 30 projects.
With the world’s major economies pivoting toward a green energy future, Brufau said Repsol recognizes the need to move toward fuels that have net-zero CO2 emissions. The industry itself, he added, has a pivotal role to play in the climate ambitions of the Spanish and European governments.
A strategic plan outlined by the Spanish company calls for 30% of its $21.5bn in investments over the next four years to target low-carbon projects that could bring the company close to its goals of net-zero emissions by 2050.