Repsol Drops Canadian Oil & Gas Assets, Turns to U.S. Plays

September 8, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Repsol S.A. (Madrid, Spain) is continuing to assert itself in the ever-competitive global oil and gas markets, with its planned sale of 95,000 acres of fossil fuel-filled land in Alberta. The multinational energy and petrochemical company announced it is striking the deal with Teine Energy, which is owned by the Canada Pension Plan Investments Board, for about US$305 million, sources familiar with the plan told Reuters.

Industrial Info is tracking US$8.7 billion in global projects from Repsol, including about US$3.2 billion worth in the U.S. and Canada. The massive sale of its Canadian assets, which include 1,120 miles of pipelines, frees up cash for Repsol to invest in high-value areas for exploration and production (E&P), such as the Eagle Ford Shale, according to Reuters. Industrial Info is tracking progress at nine oil and gas-related facilities across Canada presently owned by Repsol.