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