Repsol

Geographical Distribution

In the LNG area, Repsol is undertaking a policy that strengthens its competitive position in the business, key for its medium- and long-term growth. During 2009, the company carried out important investments in strategic Liquefied Natural Gas projects which materialised during the first half of 2010.

Repsol is also part of the integrated Trinidad and Tobago LNG project, in the LNG Atlantic liquefaction plant, which also involves BP, BG and other companies. Its strategic geographical position is ideal for supplying the Atlantic basin markets (Europe, the United States and the Caribbean) in advantageous economic conditions. This plant has four liquefaction trains in operation with a joint capacity of 15 million tonnes a year.

In Spain, Repsol owns 25% of Bahía de Bizkaia Gas, S.L. (BBG). One of this company's assets is a regasification plant with facilities for unloading LNG tankers of up to 140,000 m3, two 150,000 m3 LNG storage tanks and a vaporisation capacity of 800,000 Nm3/hour. BBG acts as plant operator, with a capacity to regasify 7 bcma. It forms part of the Spanish gas system and is paid by the National Energy Commission (Comisión Nacional de la Energía (CNE)) through tolls and levies.
This plant is located in the port of Bilbao. Its expansion, with the building of a third tank, also of 150,000 m3, and regasification capacity of 400,000 Nm3/hour, is currently under assessment.

In Brazil, in December of 2009, Repsol signed into a consortium including Petrobras (51.1%), BG (16.3%), Galp (16.3%) and Repsol (16.3%), to conduct technical engineering studies –Front End Engineering Design (FEED)– with a view to the installation of a floating liquefaction plant (Floating LNG) in the BSM-9 and BSM-11 fields. These studies will assess the technical and economic viability of this floating liquefaction plant.

Three of these studies will be carried out simultaneously by three different consortiums to reduce the technical uncertainty of a pioneering development in the LNG industry and to foster competition between a number of contractors, thereby obtaining optimal development and construction costs.
Link to Brazil website

Integrated project

In 2007, Repsol signed an agreement to undertake an integrated gas project in Angola. In keeping with that plan, Repsol and Gas Natural SDG, through Gas Natural West Africa (GNWA), have taken part in the exploration work currently being carried out by Sonagas, the consortium operator, which is owned by GNWA (20%), followed by Sonagas (40%), Eni (20%), Galp (10%) and Exem (10%).

Investment

In 2009, the LNG business area invested a total of €125 million, 48% down on the figure for 2008 (€242 million). This amount largely went to build the Canaport LNG regasification terminal and to the Peru LNG liquefaction project.

The latter was funded by the partners' capital contribution until november 2008, when the first input of external funding was received.

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