Does Repsol point the way again for European peers?
The Spanish firm has form for leading where other firms swiftly follow
Spain’s Repsol was the first large-scale oil and gas firm out of the blocks in December 2019 in announcing a 2050 net-zero pledge. Eyebrows were publicly raised, while Petroleum Economist understands the firm was privately subject to irate lobbying from other companies to rethink a strategy they felt unnecessarily increased scrutiny on the industry more widely. Fast forward almost three years and even many NOCs have net-zero targets, while IOCs without them are a vanishing breed. With that in mind, Repsol’s September announcement that it will spin out its oil and gas production into a standalone company—albeit one in which it retains a 75pc stake and operational control—could foreshadow more
Welcome to the PE Media Network
PE Media Network publishes Petroleum Economist, Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry
Comments