Spanish oil and gas company, Repsol, has declared a net income of €1.76bn (-45% compared to 2023) in its 2024 results.
The company also declared that it added 878 MW of renewable capacity in 2024, reaching 3.7 GW in operation, as it looks forward to another 1.5 GW addition (500 MW in Spain and the rest in the United States and Chile).
Hence, Repsol has increased its renewable power production by 47% in 2024 (compared to 2023), with wind and solar alone seeing an annual increase of 67%.
Among the milestones in the renewable field are the integration of US renewable developer ConnectGen’s 20 GW portfolio of projects in different stages of development, the start of operations of the 632 MW Frye solar project in Texas (US) and of the 204 MW Sigma solar project in Andalusia (Spain), the sale of its renewable generation business in France and Chile, as well as the achievement of an exclusive cooperation agreement with EDF Renewables to participate in future offshore wind tenders in Spain and Portugal.
During 2024, Repsol produced 571 kboe/d (-5%), partly due to the sale of its assets in Colombia, Eagle Ford Southwest (United States), Ecuador, Indonesia, as well as mature fields in Trinidad and Tobago. However, the company also integrated into its portfolio 49% of the stake in RRUK (United Kingdom) and connected new wells in Marcellus (United States).
Repsol continued progressing in various assets, such as the first phase of the Pikka development in Alaska (US) and the Salamanca project (Leon and Castile) in US waters (expected start of production in 2025), and the discovery of made in Block 9 (Mexico) with a preliminary estimate of total resources of 300-400 mboe of oil and gas.
During 2024, the company also invested more than €1.2bn to develop low-emission products, such as renewable fuels, renewable hydrogen, and biomethane. Repsol aims to approve several hydrogen production projects in Spain in 2025, namely electrolyzers in Cartagena (100 MW), Petronor (100 MW), and Tarragona (150 MW).
