United States

In 2017, our presence
in the United States was focused
on our Upstream, Chemicals,
Trading and Gas & Power businesses

Upstream in United States

  • Exploration
  • Chemicals
  • Gas & Power
  • Production / development
  • Trading
Repsol in United States

Upstream

As of December 31st, 2017, we owned mineral rights in the United States over a total net surface area of 3,235 km2 (1,780 km2 in exploration and 1,455 km2 in production/development). This includes Repsol's asset portfolio of unconventional resources in Midcontinent, Marcellus, and Eagle Ford, as well as the Shenzi production asset and a large number of exploration blocks in the Gulf of Mexico and the Alaska North Slope.

Net production at year end was 10.0 mbbl of liquids and 174.5 bscf of natural gas, with a total equivalent net production of 41.1 mboe (112,628 boe/d), from Marcellus, Eagle Ford, Shenzi, and Midcontinent. The proven reserves of liquids and natural gas were estimated at 383.9 mboe on December 31st, 2017.

Repsol's presence in the United States focuses on unconventional shale gas hydrocarbons in Marcellus (dry gas), Eagle Ford (gas with associated liquids), and Mississippian Lime (gas with associated liquids). The project portfolio is completed by the significant offshore crude asset of Shenzi as well as the exploration portfolio, with significant discoveries made (Alaska North Slope, Buckskin and Leon).

Milestones

  • In March, Repsol announced it had made the greatest conventional hydrocarbon discovery on US soil in the last 30 years. The wells in this finding, called Horseshoe-1 and Horseshoe-1A and drilled during the 2016–2017 winter exploration campaign, confirm the Nanushuk formation as being among those with the greatest potential in the prolific North Slope area of Alaska. The contingent resources of the blocks, identified with the existing data about the Nanushuk formation, are estimated to reach approximately 1.2 billion recoverable barrels of light crude. The delineation works that allow for defining the development plan are currently pending completion and production is expected to start in 2022.
  • In August, as part of Exploration Round 249 (Lease Sale) in the US part of the Gulf of Mexico, Repsol (50% WI), in partnership with Ecopetrol (50% WI) was awarded four new exploration blocks (blocks 77, 78, 121, and 122) in the marine basin of Garden Banks.
  • In December, in Exploration Round NS2017W (North Slope Areawide Lease Sale) carried out in Alaska, Repsol was awarded 45 new exploration blocks located south of the discoveries made in the first half of 2017, with the Horseshoe-1 and Horseshoe-1A in the Nanushuk formation.
  • On January 25th, 2018, the start of drilling operations included within the development and commissioning program of the Buckskin deepwater project in the US part of the Gulf of Mexico, in the area of Keathley Canyon, was announced. Repsol holds a stake of 22.5% in this project. To carry out development drilling in Buckskin, the Seadrill West Neptune drilling platform was chosen. This is a state-of-the-art, DP-3-class, sixth-generation vessel for deep water drilling. On September 7th, it was announced that Repsol and its partners had completed several of the key milestones to begin the execution of the Buckskin project, which had already been approved. This deepwater development project has been delineated by various previous wells and will have a submarine link to Lucius Spar, operated by Anadarko and located in blocks 785, 828, 829, 830, 871, and 872 of Keathley Canyon, in the Gulf of Mexico, in approximately 6,800 feet of water.

Trading

Trading in the United States consists of crude oil, gasoline, diesel, and jet fuel. The commercial office is located in Houston.

Chemicals

We market our products through our US commercial office.

Gas & Power

We direct the Canaport™ LNG regasification plant in Canada with a stake of 75% (our partner Irving Oil has the other 25%).

The plant has a maximum send-out capacity of 1.2 billion cubic feet (bcf) per day and primarily serves customers in the northeastern United States.

Upstream


Net surface area
of mineral rights

3,235

km2

Net
Production

112,628

barrels of
oil equivalent
per day

Net proved
reserves

383.9

million
barrels
of oil
equivalent

Information on net production, net proved reserves, and mineral rights
as of December 31st, 2017