Repsol Reports 39% Drilling Success Rate

Spain’s Repsol reported a 39% drilling success rate, outshining the industry average of 20-25%. 

According to the company’s presentation, it is stepping up efforts to increase its upstream activities. This attempt resulted in a ‘notable improvement in reserve replacement, without exhausting contingent resources.’

The Madrid-based major said that 9 of its 23 new wells produced oil or gas. It committed to major investments in Western Europe.

Repsol is disinvesting in Europe, having asked Citigroup and Deutsche Bank to study options to sell its stake in utility Gas Natural Fenosa. The Spanish oil major surpassed its 2012-2016 disinvestment goals at the end of February 2013, following the agreement to sell LNG assets to Royal Dutch Shell for $6.652 billion. At the moment, it is eyeing opportunities in US or Canadian exploration and production assets.