Repsol to sell €6 billion in assets
Spain
MADRID, October 15, 2015 – Repsol will sell more than €6 billion ($6.89 billion) in assets by 2020 as part of a plan to pay down debt and adjust to the slump in oil prices.
Spending on exploration and production will be cut by nearly 40 percent in the same period, down to $4.1 billion in 2020.
The Spanish oil major unveiled its plan on Thursday, basing forecasts on an oil price of $50.
The company will also cut its global workforce by 6 percent over the coming three years.
Repsol’s borrowing increased last year with the $8.3-billion acquisition of Canada’s Talisman Energy.
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