Spain’s Repsol plans to invest 19.1 bn euros in 2012-16

Spanish oil giant Repsol said Tuesday it plans to invest 19.1 billion euros ($24 billion) over the next four years, mostly to develop recently discovered wells and in new explorations.

“Nearly 80 percent of the investments of the group are destined for upstream, which is the growth motor of the group,” it said in a statement to outline its latest strategic plan.

It is the first plan released by the company since Argentine President Cristina Kirchner on May 4 signed a bill nationalising oil and gas producer YPF, which Repsol had controlled with 51 percent stake.

Repsol said it had identified ten “key growth projects” for its investments in 2012-16 in Algeria, Brazil, Bolivia, Russia, the United States, Spain, Peru and Venezuela.

It said it plans to pump 500,000 barrels of oil equivalent a day by 2016, an annual production growth rate of more than 7.0 percent during the period.

Repsol predicts its 2016 net profit will be 1.8 times the 1.7 billion euros it posted last year.

Shares in Repsol edged down 0.11 percent to 13.8 euros in early morning trade in line with a 0.22 percent loss of Spain’s main Ibex-35 stock index.