Repsol Its Operations In Latin America
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Repsol Its Operations In Latin America
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LatinAmerican Post | Santiago Gómez Hernández
Repsol is one of the most important Spanish companies in terms of size and turnover. This company located in Madrid in 1987 is dedicated to the energy and oil industry, has a presence in 29 countries and since 2020 it is ranked 645th among the most important companies in the world. It is one of the main economic engines of Spain, but for some time, it has been presenting problems in Latin America.
Since January 15, when a spill of more than 10,000 barrels of oil occurred off the coast of Ventanilla in Peru, Repsol has been going through a legal process in the Inca country. The incident occurred, according to the Peruvian Ministry of the Environment, due to strong waves caused by the eruption of an underwater volcano in Tonga, on the other side of the Pacific.
The Prime Minister, Mirtha Vásquez, assured that her Government will seek to sanction the multinational that owns the refinery from which the oil that ended up in the water came from if some irregularity was committed.
Vásquez did not even rule out the possibility of suspending the operations of the refinery, at the request of some political parties. But the consequences for the Spaniards can even reach expropriation, all this due to the discomfort that this accident left in Peruvian society.
The politician, a member of President Pedro Castillo's cabinet, told RPP radio that the decision "will depend a lot on the evaluation we make of the legal terms under which the company is operating and what type of sanctions or infractions were committed."
#ESTENDENCIA • Jaime Fernández-Cuesta Por la entrevista de este domingo al presidente de Repsol Perú en #PuntoFinal . pic.twitter.com/pbs0AVPXyw
Repsol excuses itself in that the main responsible is the ship in which was transporting the oil and therefore would initiate legal action against the Italian shipping company Fratelli d'Amico, owner of the Mare Doricum ship. This was announced by the Spanish company in a press release.
However, the Minister of the Environment, Modesto Montoya, assured that "here the Repsol is directly responsible and if they hired a third party to transport the fuel, that is their problem. Repsol has to pay for the consequences of this disaster."
The Peruvian authorities catalog this event, as the worst ecological disaster in the recent history of the country and estimate a damage of about 18,000 square kilometers of protected areas with their fauna and flora.
For now, Repsol has already made a mea culpa and admits that it did not realize the size of the disaster. Jaime Fernández-Cuesta, president of the company in Peru, classified it as a "misperception" about the magnitude of the spill. "Surely we have made mistakes, the issue of the amount reported in a preliminary report, not having been able to see that there were oil slicks in the sea until the next day," Fernández-Cuesta said on the Punto Final television program. Peruvian.
While the situation in the south of the continent is complicated and could represent great losses for the Spanish multinational, in Mexico it also maintains a dispute with the Government of Andrés Manuel López Obrador.
A few days ago, the Mexican president questioned the concession to Repsol of a contract to extract gas in the Burgos Basin that had been awarded several years ago at extremely high prices and without results. AMLO questions several contracts that the company signed with its predecessors. Already in 2020, López Obrador assured that "the government of Calderón (president of Mexico from 2006 to 2012) had Repsol as a favorite contractor company, which if a technical or administrative audit is carried out, it would be found that the hacienda was looted public", all this to the detriment of the state-owned Pemex.
"Empresas como @iberdrola y @Repsol durante el periodo neoliberal tenían contratos leoninos y ya no aceptar que nos roben y aparte contrataban a políticos", dijo el presidente @lopezobrador_ @Notimex @Notimex_TV pic.twitter.com/eN552EeYYL
This is why the Mexican president called for a pause in relations with Spain, due to what he considers "an exploitation" of Mexico by Iberian authorities and companies. "They were like owners of Mexico," explains AMLO.
However, and despite the bad times that Repsol is experiencing in Latin America, today, the company's shares are at their highest point in months. Although this may also be leveraged by the increase in oil prices due to the crisis in Ukraine.
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Antonio Brufau and Alan Garcia inaugurate a new LNG plant in Pampa Melchorita (Peru)
Repsol starts up its first gas liquefaction plant in Latin America
The Plant has a nominal capacity of 4.4 million tons of LNG per year and will process 620 million cubic feet of gas per day. It belongs to Peru LNG, and is one of Repsol's strategic projects included in Horizon 2014. Repsol holds a 20% stake in the Peru LNG consortium, in which Hunt Oil of the United States, SK Energy of South Korea, and Marubeni Corporation of Japan also participate. The total investment is 3.8 billion dollars, and is the biggest ever made in the history of Peru. Repsol has the exclusive rights to market the entire output from this plant, making it the largest acquisition of LNG in its history. The natural gas supply that feeds the plant comes from Peru’s Camisea gas field, in which Repsol also has a 10% stake. This project includes a gas pipeline measuring 408 kilometres in length, and a marine terminal. Peru LNG is part of an integrated project with competitive access to the eastern Pacific coast, and consolidates Repsol's position as one of the world’s leading LNG marketers.
10 June 2010 - 00:00 CEST | PDF | 128.61 KB
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Advancing towards becoming an international company
The expansion of our Company reached the Latin American, North American, African, and Russian markets. It was also a time when significant progress was made at Repsol on all levels and particularly in the technological and innovation fields.
Between January and June of 1999, Repsol acquired 97.81% of Argentina's YPF S.A., which resulted in a more balanced and better positioned multinational company, with a capital increase of 288 million shares. YPF was the largest private gas and oil company in Latin America and, with the creation of the new business, we were faced with an exciting challenge: maintaining the visibility of two leading brands, Repsol and YPF, in their respective areas of activity.
In 2001, the world's largest economies saw a steeper slowdown than expected due to the September 11th attacks in the United States, which affected the prices of crude oil. Nonetheless, we at Repsol presented a strategy of competitive advantages in geographic markets relevant to the sector and specific high-potential projects. In December, we closed on an exchange of assets with Petrobras in which they received 30% of the REFAP refinery and a network of 240 stations.
In 2005, we acquired three oil fields and one gas field in Trinidad and Tobago . We formed an alliance with Gas Natural to develop new liquefied natural gas (LNG) Upstream projects and established a joint midstream venture. With this, we’ve become the third-largest player in the world by volume managed.
That year, the company was awarded 16 offshore exploration areas in Brazil , in the productive basins of Campos, Espíritu Santo, and Santos. These blocks were added to the eight we already had in the country, and thus we became the second largest oil company in Brazil. At the end of the year, we signed an agreement to run a regasification plant in Canada, which would be used to distribute energy to the North American market.
In 2002, amidst a global context complicated by the severe economic crisis, a major project was launched: the opening of the Repsol YPF Technology Center, linking all our research and development activities in Spain. More than 400 researchers currently work in this facility using highly advanced technology in their different areas of expertise: exploration and production, refining, gas and chemicals.In addition, we made a commitment to minimize the impact our operations have on climate change, taking a public stance on the issue.
In 2004, we finished recovering fuel from the Prestige ship, as commissioned by the Spanish Government. The innovative and technological nature of this project, which involved highly technical difficulties won us the Platts Global Enery Award as the best Engineering Project of 2004. That year we also launched our first Carbon Plan with the aim of reducing CO2 emissions.
We started an intensive exploratory campaign in 2008 focusing our efforts on exploring new areas, the results of which allowed us to change our company profile. Using the most advanced technology, we made over 30 hydrocarbon discoveries, some of which are the largest in the world.
In 2009, we opened the Canaport LNG regasification plant in Canada , the first of its kind to be built on the East Coast in 30 years, having enough capacity to supply up to 20% of New York and New England's gas demand.
In June 2010, we opened the first gas liquefaction plant in South America, in Pampa Melchorita , the biggest investment ever to be made in Peru in a single project. The plant is supplied with gas produced in Camisea and is designed for supplying the United States West Coast and Mexico.
In December of that same year we finalized an agreement with Sinopec to carry out the Company's exploration and production projects in Brazil's offshore. Repsol Sinopec is one of the biggest energy companies in Latin America and is valued at 17.773 billion dollars .
At the end of 2011, we entered the Asian market, producing lubricants at plants in Guangdong (China) and Kuala Lumpur (Malaysia), with four production centers in Indonesia, Japan, China and Malaysia, selling products in 11 countries there.
In 2000, we made great strides in our globalization process. Our presence in Latin America was one of the keys to the company’s growth. We became one of Venezuela's leading private companies in hydrocarbon production and received authorization from the Libyan National Oil Company (NOC) to develop block A of the Murzuq basin. In September 2001, alongside SAMO S.R.L, Repsol YPF Gas Bolivia was created. Since the company announced new discoveries in Libya, Spain, Argentina, Venezuela, Bolivia and Indonesia, we decided to develop, through Gas Natural SDG, the generation and commercialization of the electric business.
2001 was the first full year since the acquisition of YPF and Gas Natural SDG of global integration consolidation. The company took on a more international and balanced business structure . We made agreements with Cuba, Chile, Argentina, Colombia, and Venezuela during this same year, and we acquired 45% of Lipigas, leader in the Chilean LPG market, and closed agreements with BP for the purchase of assets in Trinidad and Tobago.
In 2003, we tripled our hydrocarbon production and reserves in Trinidad and Tobago, after increasing our stake in BPTT gas reserves from 10% to 13%. We started the third train of liquefaction of natural gas in the Atlantic LNG plant, and the Trinidad and Tobago government approved the construction of a fourth train.
In Russia, we bought 10% of West Siberian Resources to have an interest in projects in the country and we signed an agreement in principle with Gazprom to carry out joint projects in Europe, Latin America, Africa, and Russia . We also acquired 28% of Shenzi, one of the largest oil fields in the Gulf Coast of the United States.
In Venezuela, since we elevated our stake in the Quiamare La Ceiba Block to 75%, our production has increased to 3,900 barrels per day. A record for ethylene production was broken in Spain, our presence in Algeria strengthened, and we became the first international company to participate in the development and production of hydrocarbons in Mexico , with a contract for the Reynosa-Monterrey gas block
For the first time in 2006, we qualified for the most transparent oil company in its sector according to the selective Dow Jones Sustainability World and Dow Jones STOXX Sustainabilityindexes.
In 2007, we reinforced our commitment to transparency and sustainability by adopting the first corporate responsibility Master Plan.And we stayed in the Dow Jones Sustainability Index for the second consecutive year with the "Best in Class" rating. The Climate Leadership Index also ranked our strategy against climate change as one of the most advanced.
In 2012, we launched , in the middle of one of the most prolonged economic crises in the world, the expansion of the Cartagena industrial complex, a model of modernity and energy efficiency. This investment has been regarded as one of Spain’s largest.
On May 7th, using the Argentine reservoir oil tax law and at the request of Cristina Fernández de Kirchner’s government, unlawfully and in a discriminatory manner, 51% of the shares of Repsol YPF was expropriated. We responded with legal action before international organizations.
The financial strength of the company and the diversification undertaken years prior have allowed us to look toward the future with a new vision, a solid growth strategy, and a new visual identity adjusted to society's demands.
In this last stage, we became one of the main private energy companies in the world following the acquisition of Talisman Energy.
The technology center is the heart of the company’s research and development.
We use our own and third-party cookies for statistical, analytical and advertising purposes. The latter include the creation of a profile based on your interests and browsing habits (for example, pages visited, sections consulted, etc.).
In addition, we want to combine your on-line and off-line information, link your devices and share your data with other Repsol group companies. You can find more information in our Cookies Policy.
From Wikipedia, the free encyclopedia
Spanish multinational energy and petrochemical company
Headquarters in Madrid , Spain, April 2014
^ Originally an initialism for Re finería de P etróleos de Escombreras adding the word Sol (Sun)
Wikimedia Commons has media related to Repsol .
Repsol S.A. [2] [nb 1] ( Spanish pronunciation: [repˈsol] ) is a Spanish multinational energy and petrochemical company based in Madrid . It is engaged in worldwide upstream and downstream activities. In the 2021 Forbes Global 2000 , Repsol was ranked as the 683rd-largest public company in the world. [3] As of 2021, it has more than 24,000 employees worldwide.
It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production , refining , distribution and marketing , petrochem
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