Repsol has agreed with Talisman energy to acquire 100% of the shares of the Canadian company for $8.3 billion plus assumed debt of $4.7 billion. The transaction has been approved and recommended by the board of directors of the Canadian company.
The deal will transform Repsol into one of the world’s largest privately owned energy groups, with increased presence in OECD countries, incorporating reserves and production in politically stable countries. Additionally, it will add a significant exploration portfolio and high-quality productive assets in North America (Canada and U.S.), Southeast Asia (Indonesia, Malaysia and Vietnam) as well as Colombia and Norway, among others.
Once the transaction is complete, North America’s weight in the resulting company will increase to almost 50% of capital employed in exploration. Latin America will represent 22%.
The incorporation of Talisman will increase the output of the Repsol Group by 76% to 680,000 boe/d, and will boost reserves by 55% to 2,353 Bboe. The resulting group will be present in more than 50 countries with more than 27,000 employees.
Recommended Reading
Exclusive: Building Battery Value Chain is "Vital" to Energy Transition
2024-04-18 - Srini Godavarthy, the CEO of Li-Metal, breaks down the importance of scaling up battery production in North America and the traditional process of producing lithium anodes, in this Hart Energy Exclusive interview.
High Interest Rates a Headwind for the Energy Transition
2024-04-18 - Persistent high interest rates will make transitioning to a net zero global economy much harder and more costly, according to Wood Mackenzie Head of Economics Peter Martin.
Scotland Ditches 2030 Climate Target to Cut Emissions by 75%
2024-04-18 - Scotland was constrained by cuts to the capital funding it receives from the British government and an overall weakening of climate ambition by British Prime Minister Rishi Sunak, said Mairi McAllan, the net zero secretary for Scotland's devolved government.
Exclusive: Mitsubishi Power Plans Hydrogen for the Long Haul
2024-04-17 - Mitsubishi Power is looking at a "realistic timeline" as the company scales projects centered around the "versatile molecule," Kai Guo, the vice president of hydrogen infrastructure development for Mitsubishi Power, told Hart Energy's Jordan Blum at CERAWeek by S&P Global.
Google Exec: More Collaboration Needed for Clean Power
2024-04-17 - Tech giant Google has partnered with its peers and several renewable energy companies, including startups, to ramp up the presence of renewables on the grid.