Repsol

1999 - 2007: International expansion

1999
Arrival of YPF
Between January and June 1999, Repsol acquires 97.81% of Argentina's YPF S.A., resulting in a more balanced and better positioned multinational company. YPF was the biggest private oil and gas company in Latin America. Repsol increases its capital to 288 million shares as part of the refinancing plan after the acquisition of YPF. The new company faces an exciting challenge: to maintain the level of awareness of two leading brands, Repsol and YPF, in their respective areas.

2000
A new millennium
A new century, without the millennium bug. Repsol moves forward in its process of internationalisation. Repsol's presence in Latin America is one of the keys to corporate growth. It is the first full year after the acquisition of YPF and the consolidation of Gas Natural SDG by global integration. The company's business framework is more balanced and international. In 2000, Repsol establishes agreements in Cuba, Chile, Argentina, Colombia and Venezuela. The company acquires 45% of Lipigas, a leader in the Chilean market for LPG, and makes deals with BP to purchase assets in Trinidad and Tobago.

2001
Second biggest integrated oil company in Brazil
The major economic areas in 2001 record a sharper slowdown than expected due to the events of September 11, which has an effect on oil prices. However, Repsol has a strategy of competitive advantage  in the sector's geographical areas and specific projects with great potential. In December, the company closes an asset exchange agreement with Petrobras to receive 30% of the REFAP refinery and a network of 240 stations, making Repsol the second largest integrated oil company in Brazil. In September, the company creates Repsol YPF Bolivia, in partnership with SAMO S.R.L. The company announces new discoveries in Libya, Spain, Argentina, Venezuela, Bolivia and Indonesia, and decides to develop the generation and marketing of its electricity business through Gas Natural SDG.

2002
Boost towards technology
Against the backdrop of a complicated world context with the serious crisis in Argentina and economic stagnation, Repsol becomes the leading private company in hydrocarbon production in Venezuela, and receives the authorisation of the National Oil Company (NOC) of Libya to develop Block A in the Murzuq Basin. In Móstoles, an important project is inaugurated. The largest Repsol YPF Technology Centre is opened, bringing together all the company's research and development (R & D) activities in Spain. More than 400 researchers in facilities equipped with state-of-the-art technology work in several areas: exploration and production, refining, gas and chemicals. The company is also committed to focusing on the impacts of climate change policy, and to taking a public stance on the issue.

2003
Leap of LNG
This year, Repsol triples its hydrocarbon production and reserves  in Trinidad and Tobago, after increasing its stake in gas reserves of BPTT from 10% to 13%. The third natural gas liquefaction train  is started at the Atlantic LNG plant, and the Government of Trinidad and Tobago approve the construction of a fourth train. Additionally, in Venezuela, the company increases its stake in the Quiamare La Ceiba Block to 75%, raising its production to 3,900 barrels per day. Repsol reaches a record high in ethylene production in Spain, strengthens its presence in Algeria and becomes the first international company engaged in the development and exploitation of hydrocarbons in Mexico, with a contract for the Reynosa-Monterrey gas block .

2004
Prize for the best engineering project
Repsol successfully completes the recovery of fuel from the tanker Prestige, executed on behalf of the Spanish Government. The innovative and technological  nature of this project, which posed major technical difficulties, ensures that the company fully deserves the Platts and Global Energy awards  for best Engineering Project of 2004. In this year the company's first Carbon Plan is executed, reducing C0₂ emissions  through various procedures. Repsol also participates in one of the largest gas discoveries in Trinidad and Tobago, with the exploratory well Chachalaca X-1 in Mayaro, and enters new markets for chemicals by incorporating the assets of the Boreales complex in Sines (Portugal).

2005
New horizons: Brazil and North America
During 2005, Repsol buys three oil fields and one gas field in Trinidad and Tobago. The company enters into an alliance with the Gas Natural Company to develop new liquefied natural gas (LNG) in Upstream, and incorporates a combined company for midstream, making it the third global power in managed volume. In the same year, Repsol wins 16 exploration areas in offshore Brazil, in the productive basins: Campos, Espítitu Santo and Santos. These blocks were added to the 8 blocks the company already owned in Brazil, making it the second most important oil company in Brazil. At the end of the year, an agreement is signed to run a regasification plant in Canada, which will supply the North American market.

2006
The most transparent
Repsol qualifies for the first time as the most transparent oil company in its sector  in the selective Dow Jones Sustainability World and Dow Jones STOXX Sustainability indexes. In Peru, the company decides to invest in an integrated gas project in Peru LNG  to supply the U.S. west coast and Mexico from the liquefaction plant in Pampa Melchorita, which will be supplied with the gas produced in Camisea. Additionally, Repsol purchases 10% of West Siberian Resources to participate in Russian projects and signs a preliminary agreement with Gazprom to develop joint projects in Europe, Latin America, Africa and the Russian Federation. In June, it acquires 28% of Shenzi, one of the biggest oil fields in the part of the Golf of Mexico that belongs to the US.

2007
Sale of 14.9 of YPF's social capital
Repsol begins development of the mega I/R field with the National Oil Company of Libya (NOC), and signs an agreement to provide LNG to Manzanillo (Mexico) for 15 years, supplying power stations. The contract is equal to two times Spain's annual consumption. In December an agreement is reached with the Argentine group Petersen for sale of 14.9%  of the share capital of YPF, an operation that is completed successfully the following year. Repsol reinforces its commitment to transparency and sustainability with the approval of its first Corporate Responsibility Master Plan. And it remains for the second year running in the Dow Jones Sustainability Index, with a 'Best in Class' score and in the Climate Leadership Index, which assesses the company's climate change strategy as one of the most advanced.

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