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The story
History
CAMPSA and REPESA
In 1927, CAMPSA (Compañía Arrendataria del Monopolio de Petróleos S.A.), headed by Miguel Primo de Rivera y Orbaneja, was created with the objective of administering concessions related to the state monopoly on petroleum products. Originally, the company was structured so that the state would have a minority stake. The creation of CAMPSA intensified the development of the Spanish refining industry.
In 1941, the Spanish government under Francisco Franco created the INI (National Industry Institute) in order to finance and promote Spanish industries. The INI supported CAMPSA in its exploration of Tudanca, Cantabria, a significant moment in hydrocarbon exploration on the Iberian Peninsula. In 1947, a 20-year contract between the Spanish state and CAMPSA ended, decentralizing services while granting the state specific rights to intervene in the company's affairs, except for distribution and commercialization, which remained exclusive to CAMPSA.
In 1948, REPESA (Refinería de Petróleos de Escombreras S.A.) was incorporated for the installation of a refinery in the Valley of Escombreras (Cartagena).
REPESA reflected the growing industrial consolidation of the refining sector through the production and marketing of petrol, oils, and lubricants under its own brands. REPSOL was introduced as REPESA's leading petroleum brand from the outset. From the beginning, REPSOL was REPESA's principal petroleum brand and product brand.
International expansion
In 1999, Repsol bought 97.81% of the Argentine oil and gas company YPF S.A., which at the time was the largest oil-and-gas company in Ibero America. The acquisition better positioned Repsol as a multinational company. Repsol's acquisition of YPF also increased its capital to 288 million shares worldwide. Repsol's presence in Latin America was one of the keys to corporate growth. It was the first full year after the acquisition of YPF and the consolidation of Gas Natural SDG by global integration. The company's business structure was more balanced and international. Then in December 2001, Repsol completed an asset exchange agreement with Petrobras, making it the second largest consolidated oil company in Brazil. The same year Repsol announced new discoveries in Libya, Indonesia, Spain, Venezuela, Argentina, and Bolivia, prompting the development and marketing of its electricity business through Gas Natural SDG. In 2003, Repsol tripled its reserves and production of hydrocarbons in Trinidad and Tobago. North American expansion in 2008 saw Repsol open a massive regasification plant on the east coast of Canada with enough capacity to supply up to 20% of the gas demand for New York and New England.
In 2008, Repsol began an intensive exploration campaign and invested in exploring in new areas, with results that enabled the company to change its profile. Using cutting-edge technology, the company made over 30 hydrocarbon discoveries, many of which were considered to be among the largest in the world. In 2009, Petroleum Economist magazine called it the "Best energy company of the year".
Canary Islands
Following years of opposition from environmentalist groups, Spain finally gave permission in August 2014, for the company and its partners to explore prospects off the Canary Islands. In January 2015, after two months of exploration about 50 kilometers off the coasts of Fuerteventura and Lanzarote, the company said in a statement it only found small deposits that were not worth drilling thus scrapping the project.
Alaska
In 2013, Repsol and Armstrong Energy, a privately held oil and gas exploration and production company in New Mexico, discovered the Pikka field 83km west of Deadhorse, Alaska and about 10km away from Nuiqsut on the Alaska North Slope by drilling a discovery well into the Nanushuk Formation, a well they called Qugruk 3.
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In May 2024 Repsol and Santos Limited subsidiary Oil Search were looking to sell 20-25% of their non-operating interest in the Pikka unit, to raise funds, one month after they had asked the Alaska Oil and Gas Conservation Commission for a permit to hydraulic fracking.
Talisman acquisition, 2014
In December 2014, Repsol announced that it would buy Canadian oil company Talisman Energy in a transaction worth about $15.1 billion Cdn ($13 billion US).
Company name and origins
In 1971, the Repsol logo first appeared, as REPESA (Refinería de Petróleos de Escombreras S.A.) brand product, in the Motorcycling World Championship of that year.
Its name derives from the founding company REPESA for its visibility and easy pronunciation in different languages. In 1991, the Instituto Nacional de Hidrocarburos (INH), before the imminent demise of the state oil monopoly, set the goal to create a company of mixed public-private capital, which exploited state oil assets. When looking for a name a survey at street level was performed and the only two words that people recognized and associated with the world of oil were CAMPSA (badge of the former monopoly) and REPSOL; obviously, this last one was chosen to name the new company.
"A short, round, sonorous and catchy name was searched. As many terms of the language sink their roots in Latin, here the first letters of a small company of lubricants (Repesa) were used, and the term is completed with the star that identifies Spain in the cultures of the north. Repsol is one of the few names of companies that do not obey an acronym or joins that obsession of putting together letters of horrific names. And that was the first hit".
Brief chronology
1948 incorporation REPESA (Refinería de Petróleos de Escombreras S.A.) created for the installation of a refinery in the Valley of Escombreras, Cartagena (Spain).
1981 Creation of INH: Public organization created to integrate the various companies operating in the oil and gas in which the Spanish state had a controlling interest or was the sole owner.
1986 Creation of the Repsol group: Its sole shareholder is the INH. Repsol brings together the companies in which the Spanish state had a controlling interest in the areas of exploration and production (old Hispanoil), refining (formerly ENPETROL), chemical and liquefied natural gas (LNG), Butane (former Butano S.A.), CAMPSA and Petronor. Repsol Chemical (Alcudia), initially a subsidiary of Repsol Petroleum, which will then be a subsidiary.
1989 The State (INH) began the privatization of Repsol. IPO of 26% of Repsol Capital. Repsol shares, S.A. upgraded trading on exchanges in Spain and New York.
1991 Natural Gas Company is created.
1997 The State completes the privatization of Repsol.
On April 16, 2012, the President of Argentina, Cristina Fernandez de Kirchner announced the introduction in the Congress of a bill to "safeguard the sovereignty of Argentina hydrocarbons." This project has as main purpose the expropriation of 51% of the shares of YPF.
On March 28, 2014, Repsol's Annual General Meeting ratified the "Convenio de Solución Amigable y Avenimiento de Expropiación" which recognises the Repsol's right to receive $5 billion as compensation for the expropriation of the 51% shareholding in YPF and YPF GAS, together with payment guarantees.
On May 15, 2018, Repsol announced it would no longer seek growth for oil and gas.
American energy investment company EIG acquires a 25% stake of Repsol's upstream business for US$4.8 billion.
From Wikipedia’s article on Repsol, shared under CC BY-SA 4.0.4