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Exclusive-Spanish oil major Repsol looking to sell parts of its Canadian assets -sources -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Repsol’s logo outside of Madrid’s headquarters on December 16, 2014. REUTERS/Andrea Comas/File Photo

Rod Nickel, Shariq Khan

(Reuters) – Four sources informed Reuters Monday that Repsol (OTC) SA in Spain is contemplating selling some of its Canadian assets later this year to benefit from higher oil and gas prices.

Repsol, a Canadian company, is searching for potential buyers to purchase its Duvernay-based holdings. The basin lies in west Canada. A source in the industry said that Repsol’s 170,000 acres (or 688 kilometers) of land in Duvernay could be worth C$750million ($589.9M).

Sources requested anonymity because the discussions were confidential. Repsol representatives stated that they do not comment on speculation in the market.

Repsol also has assets in Alberta’s Greater Edson, Chauvin and other areas. These include infrastructure that is related to gas and electricity. Sources caution that Repsol is yet to make a decision about any assets. They also mentioned that Repsol could look into joint ventures and partial sales.

Repsol’s total Canadian oil production in 2019 was 57.800 barrels per day. They said they could choose to keep the assets intact.

($1 = 1.2714 Canadian dollars)

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