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Repsol S.A.
Type Sociedad Anónima
Traded as BMADREP
Industry Oil and gas
Predecessor(s) Instituto Nacional de Hidrocarburos
Founded 1987
Headquarters Madrid, Spain
Area served Worldwide
Key people Antonio Brufau Niubó (Chairman), Josu Jon Imaz San Miguel (CEO)
Products Oil and gas exploration and production, natural gas and LNG trading and transportation, oil refining, petrochemistry
Services Fuel stations
Revenue €56,298 million (2013)[1]
Operating income €2,571 million (2013)[1]
Profit €195 million (2013)[1]
Total assets €65,086 million (end 2013)[1]
Total equity €27,920 million (end 2013)[1]
Employees 24,214 (end 2013)[1]
Subsidiaries Repsol Petróleo, Repsol Butano, Repsol Química, Repsol Exploración, Petronor y CLH
Repsol oil refinery in Puertollano.
A Repsol station service.

Repsol S.A.[2][nb 1] (Spanish pronunciation: [repˈsol]) is a Spanish integrated global energy company based in Madrid, Spain. It carries out Upstream and Downstream activities throughout the entire world. It has over more than 24,000 people employees worldwide. It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.

Repsol also partners with Honda Racing Corporation to compete in MotoGP under Repsol Honda Team.


Campsa and Repesa[edit]

In 1927 CAMPSA (Compañía Arrendataria del Monopolio de Petróleos S.A), headed by Miguel Primo de Rivera y Orbaneja, was created with the objective of administering concessions in handing over the state monopoly of petroleum companies. Originally the company was arranged so that the state would have a minority stake. The Creation of CAMPSA intensified the progress of the Spanish refinery industry. In 1941 the Spanish government under Francisco Franco created the INI (National Industry Institute), in order to finance and promote Spanish industries. The INI supported CAMPSA in its exploration of Tudanca, Cantabria, a monumental moment in Spanish exploration on the Iberian Peninsula. The year 1947 marked the end of a 20-year contract between the Spanish state and CAMPSA, decentralizing services while at the same time giving specific rights to the state to intervene in the company’s affairs, minus distribution and commercialization, which remained exclusive to CAMPSA.[3]

In 1948, REPESA was incorporated for the installation of a refinery in the Valley of Escombreras (Cartagena).

'REPESA became the symbol of the increasing industrial consolidation in the refining sector, as it took on the production and marketing of petrol, oils and lubricants under its own brand name.'[3] From the beginning, REPSOL was REPESA’s "star brand" of petroleum.[3]

The Spanish government created INH in 1981 as a public organisation to integrate the various oil and gas companies in which the Spanish state had a controlling interest. INH created Repsol in 1987 as a wholly owned subsidiary, bringing together the companies in which the Spanish government had a majority ownership in the areas of exploration and production (formerly Hispanoil), refining (formerly ENPETROL), chemicals and liquefied natural gas (LNG), butane (former Butano SA), CAMPSA and Petronor, and Repsol Quimica (Alcudia).

In 1989, INH partially privatised Repsol, with an IPO of 26% of Repsol capital. Shares of Repsol, SA became listed on stock exchanges in Spain and in New York. Privatization was completed in 1997 when the Spanish government sold the remaining 10% of Repsol capital.

Early branding and promotion[edit]

In late 1968, REPESA started to develop a prototype team for MotoGP racing and a sponsorship deal. These were the first steps in creating what would one day be known as team Repsol. Then in 1971 motor sport was relaunched in Spain and Angel Nieto won the world championship in the 125 cc category sporting the Repsol logo on his bike, as a REPESA product brand.[3]

International expansion[edit]

In 1999 Repsol bought 97.81% of the Argentine oil and gas company YPF S.A., which at the time was the largest oil-and-gas company in Latin America. The acquisition better positioned Repsol as a multinational company. Repsol’s acquisition of YPF also increased its capital to 288 million shares worldwide. Repsol's presence in Latin America was one of the keys to corporate growth. It was the first full year after the acquisition of YPF and the consolidation of Gas Natural SDG by global integration. The company's business structure was more balanced and international. Then in December 2001 Repsol completed an asset exchange agreement with Petrobras, making it the second largest consolidated oil company in Brazil. The same year Repsol announced new discoveries in Libya, Indonesia, Spain, Venezuela, Argentina, and Bolivia, prompting the development and marketing of its electricity business through Gas Natural SDG.[3] In 2003 Repsol tripled its reserves and production of hydrocarbons in Trinidad and Tobago. North American expansion in 2008 saw Repsol open a massive regasification plant on the east coast of Canada with enough capacity to supply up to 20% of the gas demand for New York and New England.[3]

Change to the company profile[edit]

In 2008 Repsol began an intensive exploration campaign in which it focused its efforts on and invested in exploring in new areas, with results that enabled the company to change its profile. Using cutting edge technology, the company made over 30 hydrocarbon discoveries, many of which were considered to be among the largest in the world. This efforts was recognized by Petroleum Economist magazzine as the "Best energy company of the year" [4]

Expropriation of YPF[edit]

The Repsol-YPF Tower of Buenos Aires.

In May 2012, the Argentine president Cristina Fernández de Kirchner, presented a project before the government to expropriate 51% of Repsol’s shares of YPF. The Republic of Argentina's Yacimientos Petrolíferos Fiscales Act that was passed that summer officially made possible the expropriation of Repsol's Shares. Repsol went to various international entities to pursue legal action directly after losing its shares of YPF.[3] The expropriation was an attempt by the Argentine government to nationalize its oil and gas production. Results however show that the move to nationalize actually hurt oil production in Argentina. Compared to the oil production in 2011, YPF’s oil production in 2012 fell by 8%, according to data from Argentina’s Department of Energy.[5] Repsol has the backing of the EU and the US, as both powers condemned Argentina’s move at expropriation. President Fernández claimed that the state would seize 51% of YPF.[6] In June 2013, Repsol rejected a $5 billion proposal from Argentina to compensate for the 2012 expropriation. The proposal also would have given Repsol drilling rights to 6.4% of the massive Vaca Muerta shale-gas field. The board of the Repsol firm unanimously denied this offer, as it would have caused them to drop a $10.5 billion lawsuit that was in progress against the Argentine government. Repsol at the time owned 6.4% of YPF oil-and-gas company.[7] On February 25, 2014 the Repsol board announced it had accepted a settlement offer from the Argentine government of an issue of Argentine bonds valued at $5 billion. The deal concluded after 3 months of negotiations in Buenos Aires was subject to shareholder approval. The agreement ended two years of legal wrangling and the potential for a long drawn-out legal battle. Repsol Chairman Antonio Brufau described the "friendly" settlement as "extremely positive." [8]

Environmental record[edit]

In 2011 Repsol built the world's first service station certified by BREEAM, "the leading international method for evaluating and certifying building sustainability". The construction of the station was completed under green architecture parameters, utilizing multiple recycled materials.[3] The publication Newsweek selected Repsol as the most environmentally respectful energy company of 2012.[9] However, recent reports of Repsol drilling in the indigenous lands of the Peruvian Amazon display a disregard for the environment. According to an Environmental Impact Assessment, Repsol’s exploration of the rainforest will involve drilling at least 21 wells. Although Repsol denies it, 20 of the 21 wells fall within the land of indigenous people, who are very vulnerable to any sort of contact with foreigners.[10]

See also[edit]



  1. ^ Originally an initialism for Refinería de Petróleos de Escombreras adding the word Sol (Sun)

External links[edit]