Upstream

Here is where it all begins

Within all the activities our business comprises, upstream is where all of our operations begin. This term encompasses our oil and gas exploration, development, and production activties worldwide.

 

 

Two people talking with a subsoil exploration graphic in the background

Exploration

The search for oil and gas reservoirs is of the utmost importance, and we dedicate a large part of our time and technology to geology, geophysics, and environmental impact studies that help us to determine an area's potential.

Image of a ship with an oil rig

Development

We implement a collection system and run processing plants, and we ensure that extraction processes are sustainable, safe, and transparent even before beginning operations, in line with the most stringent standards.

Image of exploratory jack pump working

Production

When the facilities are ready to begin extraction operations, our teams get to work in order to use the reservoir's resources to their full potential. In addition to extracting oil and gas, we constantly perform maintenance tasks and transport hydrocarbons under the strictest conditions.

Where oil and gas come from

Repsol's Upstream

We generate value by focusing on improving our asset portfolio and maintaining a balance in our reserves between gas and oil, two energy sources that will continue to be important for society in the coming decades. 

We are a benchmark operator in hydrocarbon exploration thanks to the use of state-of-the-art technology, which has allowed us at the forefront of some of the greatest discoveries of the last decade.

650,000 

barrels

of oil produced on average per day

1.852

billion

barrels of proven reserves

70%

  of our proven reserves are gas

14

projects

including short cycle and with attractive returns make up our portfolio

Emissions reduction: Our commitment to sustainability

The Upstream business has set the goal of being a leader in reducing CO2 emissions in the sector, with a decrease in carbon intensity that will reach 75% by 2025. Using the latest technology and digitalizing processes will be key to meeting these objectives, as well as its circular economy strategy, which includes the development of more than 60 initiatives, the majority of which are linked to the improvement of the efficiency and the innovation of processes.

We concentrate our activities in key geographic areas, with a solid portfolio of 14 short-cycle projects and attractive returns, where value is prioritized over production volume. It relies on its strengths, such as flexibility, efficiency, and the latest technology, to maximize its contribution to the company.

 

Two Repsol employees review an exploration job.

Efficiency and digitalization in all our operations

Our objective is the optimization of resources and improving logistics management, maintenance and sizing costs.

Our goal is to optimize resources and improve logistics management, maintenance, and sizing costs.

We do this by relying on technology and digitization as well as the RISE (Resilience, Innovation, Sustainability, and Engagement) progam, which aims to increase production and the profitability of our assets. 

Working the best technology

We work to develop methods that allow us to optimize our hydrocarbon exploration and production processes using artificial intelligence and machine learning techniques. There are three main objectives in this area: reduce the time it takes to start the production process, increase efficiency, and develop technologies that assist in each phase of an oil field's life cycle.