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.
Exploration
Development
Production
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.
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.
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.
What is the upstream process?
Opportunity identification
Before exploration can begin, we need to obtain permission in the form of mineral rights. Then we can start taking measurements to identify and assess the opportunities.
Exploration
We evaluate the characteristics of the onshore or offshore discovery in order to decide on the most appropriate development model and to get a better understanding of the potential reserves so that we can move on to the next phase.
Development and production
We develop and construct the facilities necessary to achieve optimal production. We extract the reserves from the reservoir, producing oil and gas.
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.
572,000
barrels
of oil produced on average per day
1.916
billion
barrels of proven reserves
70%
of our proven reserves are gas
Emissions reduction: Our commitment to sustainability
The Upstream business aims to be a sector leader in reducing CO2 emissions by decreasing its carbon intensity by 75% in 2025.
Carbon capture and storage will play a key role in the development of new projects. In 2027, the Company will start up the storage of two million tons of CO2 per year at Sakakemang, the largest gas discovery in Indonesia in the last decade. This capture and storage project is among the largest of its kind in the world, and it will be the first for Repsol and Indonesia.
Its cutting-edge technology and the digitalization of its processes will be key for meeting these targets as well as our 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 focus our activities on key geographic areas with a solid portfolio of 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.
Our onshore and offshore projects are found across a total of 15 countries
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.
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.
