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Antonio Brufau, Repsol's Chairman

What are the major challenges facing our sector in the future?

It is currently a time of great challenges in the energy sector, challenges which merit deep thought and analysis.

We are at a critical stage which is characterized by a dual reality. In Europe, we are immersed in a deep recession, the outcome of which is still unknown and that has slowed consumption on every level.

However, in other parts of the world we are witnessing an increase in energy consumption, which has been brought about by enormous population growth and, above all, the growth of the middle classes. According to an OECD report, the "global middle class" will grow from 1.8 billion in 2009 to 4.9 billion in 2030 and this presents huge challenges in terms of the production of and demand for natural resources.

Furthermore, we have to address the profound inequalities that exist with regard to access to energy. It is well known that 1.3 billion people still do not have access to electricity and 2.5 billion do not have access to modern domestic fuels, with the associated impact on health and life expectancy.

But this cannot be achieved at any price. A balance must be found between the demands of human development and our planet's capacity to assimilate the impact associated with the need for raw materials and natural resources, which are essential to meet those demands. Success will depend on our ability to manage those resources in a sustainable way.

Our Code of Ethics and Conduct provides a template for ideal behavior in Repsol's activities and operations. #RepsolCSR

How should we approach this economic and energy situation?

The challenge facing us must be tackled according to the principles that we have been putting forward for a decade and which form the basis of our approach: sustainability, intelligence, efficiency and talent

In a constantly changing world, characterized by the speed at which these changes occur, a flexible, open attitude is the only one that is able to meet new challenges, by identifying new opportunities. If we are not able to see how the world is changing, if we are not able to foresee what the world is going to need from us, we are lost.

Therefore, we must be alert, attentive to everything that society demands of us and is going to demand of us, which will most likely be different from what it demanded of us in the past.

As we set out in our Company vision, at Repsol "we want to be a global company which seeks people's well-being and takes the lead in building a better future through the development of smart energy. With effort, talent and enthusiasm, we are making progress to offer the best energy solutions to society and the planet".

This vision is fuelled by innovation and entrepreneurship. The latter are both based on individual and collective talent and on people's values and those of the organization itself; they will allow us to achieve the medium and long-term sustainability objectives that we have set ourselves.

At Repsol, we believe that our competitiveness and ability to evolve lies in our ability to come up with original ideas and put them into practice in a collaborative environment where learning takes place.

The worst thing a company can do is do nothing; it becomes a hostage to crisis, allowing itself to be carried along by the current or sinking in the routine of risk aversion. Entrepreneurship and innovation must never be born of temerity, but rather of boldness. Nothing ventured, nothing gained. Our companies must be more dynamic and anticipate change before it is forced upon us when it is too late.

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Telephone: (34) 91 75 38 100 / (34) 91 75 38 000
28045 Madrid (Spain)

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