Repsol profits up on higher oil prices, production.

Catogory : Market Report

Spain’s oil giant Repsol said Wednesday that rising oil prices and increased output — as the group resumed activity in Libya.

Repsol was one of the companies that came back to Libya and resumed its activities as normal as it was.

Repsol said in a statement that net profit rose 22 percent to 2.1 billion euros ($2.6 billion) last year, the highest in six years,

A general increase in production and “the slight recovery of crude oil and gas prices beginning in June” contributed to the rise.

Its upstream division of exploration and production saw adjusted net profit increase 12-fold to 632 million euros, as production was resumed in Libya.

The group also made a major onshore oil find in Alaska, which will yield an estimated 1.2 billion barrels of light crude.

The other big discovery took place in Trinidad and Tobago, where Repsol uncovered its largest gas volume in five years.

Meanwhile its downstream division, which includes refining and trading, posted adjusted net profit of 1.877 billion euros, a slight dip from 2016.