Latest news with #Repsol
Reuters
30-07-2025
- Business
- Reuters
Chevron granted restricted US license to operate in Venezuela, sources say
HOUSTON, July 30 (Reuters) - Chevron (CVX.N), opens new tab has been granted a restricted U.S. license to operate in sanctioned Venezuela, three sources close to the decision said on Wednesday, adding that no money from oil proceeds can be transferred in any way to the administration of Venezuelan President Nicolas Maduro. Last week, Reuters reported that the U.S. was preparing to grant new authorizations to key partners of Venezuela's state-run PDVSA, starting with Chevron, to allow them to operate with limitations in the OPEC nation and swap oil. The authorization, issued privately to the U.S. oil producer, opens a new window for its oil business in Venezuela only two months after a deadline previously set by Washington for joint-venture partners of state company PDVSA to wind down transactions, including oil exports. Chevron and a handful of European oil companies, including Spain's Repsol ( opens new tab and France's Maurel & Prom ( opens new tab, had been granted authorizations by the administration of former President Joe Biden, which allowed them to expand operations in Venezuela and export oil to the U.S. and Europe. Amid criticism on migration and democracy in Venezuela, U.S. President Donald Trump in February said the licenses would be revoked and gave the companies until late May to complete transactions. In consequence, Chevron reduced operations in Venezuela and instructed a dedicated fleet of tankers to sail away, delegating operations to PDVSA. Washington allowed Chevron to preserve its assets in the OPEC country, including its joint-venture stakes. The new license would now allow the U.S. company to make decisions at its joint ventures and contribute to procurement and contract payments, two of the sources said. However, since no payments can be made to Venezuela, including mandatory royalties and taxes, it was not immediately clear if PDVSA would assign Chevron any crude cargoes bound to the U.S. It was also unclear if any other partner of PDVSA has received a similar authorization. Chevron declined to comment on the license and said it conducts business globally in compliance with laws and regulations, as well as the U.S. sanctions frameworks. The U.S. Treasury Department and PDVSA did not immediately reply to requests for comment. In April, when the previous licenses were still current, PDVSA canceled cargoes allocated to Chevron over problems receiving mandatory payments. Chevron has not exported Venezuelan oil since.
Reuters
28-07-2025
- Business
- Reuters
Spanish oil company Moeve's profit hit by 50-million-euro blackout cost
MADRID, July 28 (Reuters) - Spain's second-largest oil refiner Moeve, formerly known as Cepsa, said on Monday the massive power blackout that hit Spain and Portugal cost it more than 50 million euros ($58 million), and it was considering legal action. Adjusted net income dropped to 324 million euros ($378 million) during the first half of the year, while earnings before interest, taxes, depreciation and amortisation fell 33% from a year ago to 733 million. Both figures exclude one-off revenues and losses such as asset sales. The cost of halting and restarting its two oil refineries during and after the April 28 blackout dragged down core profit, the company said. It can take one or two weeks for such plants to be fully operational after shutdowns. "We're considering possible legal action once responsibility for the blackout has been determined," a company spokesperson said. Redeia-owned ( opens new tab Spanish grid operator REE has traded blame with power utilities for the blackout. A government report pointed to REE's failure to calculate the correct mix of energy as one of the factors hindering the grid's ability to cope with a surge in voltage that led to the blackout. Rival Repsol ( opens new tab, which operates five refineries in Spain, said the blackout and other smaller power-supply issues cost it 175 million euros in the second quarter. The Moeve refineries also halted for scheduled maintenance during the first six months of this year, which further reduced utilisation ratios, while refining margins narrowed to $6 a barrel in the first half from $9.20 a barrel in the same period a year ago. Owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group (CG.O), opens new tab, Moeve rebranded last year to reflect its shift towards low-carbon businesses under an 8-billion-euro plan. It has sold 70% of its oil production assets since 2022, including operations in Abu Dhabi and South America. ($1 = 0.8597 euros)
Libya Observer
27-07-2025
- Business
- Libya Observer
Repsol: Stability in Libya enabled increased output, and reactivation of 12 wells in 2025
The CEO of Spanish oil company Repsol, José Ángel Fernández, said that the improvement in Libya's security and social conditions has allowed the company to resume operations and boost production in several fields. Speaking to Investing website, Fernández said: 'I believe Libya is improving socially, politically, and in terms of security. Its situation is progressing year by year,' noting that production from the company's projects reached 307,000 barrels per day in the second quarter of this year. He pointed out that Repsol's net share of this production amounted to 43,000 barrels per day, attributing this to increased output in 2024 thanks to new wells. He explained that drilling activity in 2025 led to the reactivation of 12 new wells in the first and second quarters, adding: 'We'll see more new wells in the coming months. Overall production will increase by 12,000 barrels per day, with Repsol's share being 1,500 to 2,000 barrels.' He emphasized that the company is developing more projects in Libya, noting that a second drilling rig has been contracted to fulfill remaining exploration commitments, including possible early development in the Waha area. He added that Repsol's average global production reached 557,000 barrels per day, a 3% increase from the first quarter, thanks to stronger contributions from the UK, Trinidad and Tobago, Eagle Ford, and Libya — which offset the effects of divestments and natural declines. Tags: repsol libyan oil
Libya Review
26-07-2025
- Business
- Libya Review
Spain's Repsol Plans New Drilling Projects in Libya
On Saturday, the Spanish oil company Repsol's CEO Josu Jon Imaz Fernández confirmed that improved security and political conditions in Libya have allowed the Spanish energy company to increase production and resume key operations across its Libyan portfolio. In comments to Fernández said that the country is 'improving socially, politically, and in terms of security,' enabling Repsol to accelerate its work on the ground. In the second quarter of 2025, Repsol's projects in Libya produced a total of 307,000 barrels of oil per day, with the company's net share reaching 43,000 barrels per day. That growth, he said, was the result of stronger field performance and the activation of new wells throughout 2024. Repsol restarted 12 wells in the first half of 2025 and expects more to come online in the months ahead. This activity is projected to boost total production by another 12,000 barrels per day, with Repsol's share estimated at 1,500 to 2,000 barrels daily. The company is also moving forward with plans to bring in a second drilling platform to meet its remaining exploration commitments, including early development efforts in the Waha region. The company's overall global production reached 557,000 barrels per day in Q2, a 3% increase from the first quarter. Libya was highlighted as a key contributor to that growth, alongside assets in the UK, Trinidad and Tobago, and Eagle Ford in the US. Repsol also reported solid financial performance for Q2 2025, posting €272 million in net income, up 8% from the previous quarter. Operating cash flow surged to €1.7 billion, a 50% increase, while net debt was reduced by 2% to €5.7 billion. Looking ahead, Repsol maintains an optimistic outlook for 2025, projecting €6 billion in operating cash flow and targeting 590,000 barrels of daily production by 2026. The company plans €3.5 billion in net capital expenditures and a €700 million share buyback as part of its strategic growth plan. Tags: gaslibyaoilRepsolSpain
Libya Review
25-07-2025
- Business
- Libya Review
Libyan Army Support Drives Repsol Oil Production Growth
Repsol's Chief Executive Officer, Josu Jon Imaz, has confirmed that oil production in Libya has reached new highs, crediting the support of the Libyan National Army (LNA) and agreements with local communities for enabling the company to resume and expand its operations. Imaz announced that Repsol's production peaked at 307,000 barrels per day during the current quarter, a significant rise compared to an initial net output of 43,000 barrels per day. 'We successfully restarted 12 wells during the first and second quarters of 2025, and new wells will be connected in the coming months,' he said. The CEO revealed that overall production in Libya is expected to grow by an additional 12,000 barrels per day in the near future. He also outlined the company's plans for 2026, projecting that total output will reach 80,000 barrels per day as Repsol continues to invest in exploration and development projects. 'Resuming and increasing production has been made possible thanks to the agreements reached with local communities and the significant support provided by the Libyan National Army,' Imaz stressed. He added that maintaining security and stability in oil-producing regions remains a key factor in Repsol's success in the country. The Spanish energy giant is focusing on both the expansion of its existing fields and the development of new exploration projects in Libya. These efforts are part of a broader strategy to strengthen its footprint in North Africa, which remains a vital region for global energy supplies. With Libya's oil sector recovering, international energy firms like Repsol are expected to play a central role in boosting the country's production capacity, contributing to economic stability and energy security. Tags: libyaLibyan armyLNAOil ProductionRepsol
