UPSTREAM Luis Polo, Business Unit Director

Transcription

1 UPSTREAM Luis Polo, Business Unit Director Tuesday 27 th January 2015

2 Disclaimer ALL RIGHTS ARE RESERVED REPSOL, S.A Repsol, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol, S.A. This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated) and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities in any other jurisdiction. Some of the resources mentioned in this document do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by the U.S. Securities and Exchange Commission. This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forwardlooking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words expects, anticipates, forecasts, believes, estimates, notices and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol s control or may be difficult to predict. Within those risks are those factors and circumstances described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in Argentina, the Securities and Exchange Commission in the United States and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed. Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. The information contained in the document has not been verified or revised by the Auditors of Repsol.

3 1. Repsol s Global Upstream 2. Caribbean Business Region 3. Trinidad & Tobago Business Unit 4. Corporate Social Responsibility

4 Repsol today Norway Russia Canada Netherlands Nicaragua Operating in more than 30 countries USA Colombia Ecuador Exploration & Production (E&P) Pure exploration Refining & Marketing (R&M) E&P / R&M Gas and Power Houston Peru Bolivia Aruba Canaport LNG Venezuela Trinidad & Tobago Brasil Ireland Spain Portugal Morocco Mauritania Guyana Note: Additionally our Marketing activity extends to South East Asia Liberia Upstream Argelia Angola Namibia Italy Tunisia Libya Gabon Core Businesses Downstream Romania Bulgaria Irak China Malaysia Singapore Indonesia Australia Non Operated Shareholding Gas Natural Fenosa

5 Acquisition of Canadian Oil Company - Talisman The acquisition is currently in the process of transition as legal formalities and shareholder approvals are being finalized. Offers a wider spread of resources in the North America, Northern Europe and the South-East Asia regions. The finalization will position Repsol as a competitive and more diversified global energy company.

6 Talisman: A major Canadian listed upstream company with a globally diversified portfolio Key facts Diversified asset portfolio Dual-listed E&P company with core assets in North America, the Asia Pacific region, Colombia and Northern Europe Headquartered in Calgary, Alberta, Canada Approximately 2,800 highly trained employees in 18 countries 1P reserves 838 Mboe, ~65% Developed OECD countries: ~65% of 2P Reserves R/P: 12 (2P Reserves / run rate production) Americas Natural gas and associated liquids long-term growth potential Upsides from NGL and gas price Legacy asset position in Canada Efficient operator in Canada and Marcellus Capital intensive unconventionals EMEA JV with Sinopec in UK Offshore operator in North Sea (UK and Norway), mainly oil production Algeria free cash flow Asia-Pacific Legacy asset position Large Free Cash Flow Sustainable production Additional Exploration & Development potential Efficient operator Good relations with Governments and NOC s Upside emerging in Colombia (heavy oil) Source: Company filings, presentation, equity research Note: All figures shown gross of royalties and in U.S. dollars, unless otherwise noted, includes equity investments 1. Net production (assuming 2013YE reserve report implied royalty rates of 19% for gas and 20% for liquids) from ongoing operations based on company guidance ( kboepd gross) 2. Net reserves as of December 2013YE adjusted to reflect sale of Montney assets (550 Bcf of 2P reserves, assumes to be 100% gas, 19% royalty)

7 Enhanced portfolio with new production areas and strengthened exploration opportunities Eagle Ford (USA) 27 Kboed WI: 50% FO: 2011 Talisman Sapinhoa (Guara) Brazil North America Marcellus3 (USA) 84 Kboed WI: 85% FG: 2014 Talisman Lapa Mid-continent (USA) 26 Kboed net production FO: Africa & Europe Reggane (Algeria) 48 Kboed WI: 29.25% FG: 2017 Monarb (UK) 11 Kboed WI: 30% FO: 2017 Talisman Russia SANECO/TN O/SK Post 2016 Next wave of growth Exploration Contingent resources Repsol Alaska C-33 (Seat, Gavea, Pao de Açucar) Presalt Albacora Karabashsky Buckskin NC200 THIS-1 Sagitario (BMS-50) Talisman: Duvernay North America SE Asia Kurdistan Colombia (CP-6) 300 Kboed WI: 15% FO: 2013 Margarita- Huacaya (Bolivia) 138 Kboed WI: 37.5% FG: Kboed WI: 15% FO: 2016 Carabobo AEP (1) (Venezuela) 90 Kboed WI: 11% FO: 2012 North Latam Cardon IV (Venezuela) 159 Kboed(2) WI: 32.5% FG: 2015 Kinteroni + Sagari (Peru) 46 Kboed WI: 53,8% FG: 2014 Akacias (Colombia) 42 Kboed WI: 45% FO: 2014 Kinabalu (Malaysia) 12 Kboed WI: 60% FO: Kboed WI: 49% FO: 2012 Prospective resources Talisman North America SE Asia Colombia Repsol GoM - Leon Louisiana East Canada Campos, Santos & Espirito Santo Colombia RC11, RC12 & Tayrona Guyana Spain and Portugal Norway offshore Peru Note: all production figures indicate gross plateau production; WI = Repsol Working Interest; FID = Final Investment Decision; FO: First Oil; FG: First Gas; Net capex , excluding G&G and G&A. 1. AEP = Accelerated Early Production 2. Phase II gross production (800 Mscf/d) 3. This refers to 2nd phase of the play. Source: Repsol internal data, Talisman corporate reports SEA Jambi Merang (3) Phase 2 (Indonesia) 12 Kboed WI: 25% FG: 2016 HST/HSD (Vietnam) 13 Kboed WI: 60% FO: 2013 Talisman Talisman Talisman

8 Caribbean Business Region January 2015 Atlantic Basins Western Caribbean

9 Caribbean Region Activities 9

10 Repsol in Venezuela Assets OIL ASSETS : 2 GAS ASSETS : 3

11 Repsol in Venezuela : Cardon IV project Cardón IV : One of the biggest gas discoveries in Venezuela and one of the major equivalent oil fields. The value of the refined liquid fuel to be replaced in power generation plants is enormous

12 Repsol in Venezuela : Carabobo project Started production December 2012, current prod 14 kbopd. New 30 kbopd plant commissioned in Project ongoing for a new extra 60 kbopd plant.

13 MGB Block (Niko/ Petrotrin) Repsol in T&T GRENADA TTDAA 24 TTDAA 25 TTDAA 30 TTDAA 26 TTDAA 31 TTDAA 32 TTDAA 27 TTDAA 28 BHP TTDAA 29 BHP Asset Repsol share TSP 70% bptt 30% Block 5b 30% Block 23b 40% Block 21 Block 22 Centrica/ Petrotrin Block 23(a) BHP/ BPTT TTDAA 14 BHP/ BPTT TTDAA 15 TTDAA 16 NCMA 2 Niko, RWE Dea, Petrotrin NCMA 4 Centrica/ Petrotrin Block 23b Block 23 (b) BHP/ Repsol TTDAA 11 TTDAA 12 TTDAA 13 1 NCMA 1 BGTT TTDAA 17 NCMA 3 Niko, Petrotrin NCMA 5 Block 24 TTDAA 8 TTDAA 9 TTDAA 10 TTDAA 18 TTDAA 20 TRINIDAD Block 2 (ab) Niko, Centrica Block 2 (c) Block 2 (c) BHP/NGC Block 3 (a) BHP/ NGC Block 3 (b) Block 25 (a) Block 25 (b) TTDAA 4 TTDAA 6 BHP/BG TTDAA 7 TTDAA 19 TTDAA 21 Block 1 (a) Petrotrin/ Trinmar Block 1 (b) Block 1 (b) Trinity South Marine Central Range Block Guayaguayare Block (Niko/ Range/ Petrotrin) Rio Claro Block (Lease Oper) Ortoire Block Territorial Repsol (shallow) SECC EOG Lower Reverse L BPTT/ Repsol MODIFIED 'U' (a) MODIFIED 'U' (b) Block 4 (a) Block E Block 4 (b) Niko Block 5 (c) Block 6 (b) BGTT BPTT/ Repsol Block 6 (d) BGTT Block 5(d) 5b Block 26 Block 27 TTDAA 2 TTDAA 5 BHP/BG TTDAA 1 TTDAA 3 BHP/BG Kilometers

14 Operating Asset TSP January 2015

15 TSP Objectives A. Increase production through Continue with yearly Non Rig campaign. Perform Development Drilling campaign using the Rowan Gorilla. Complete TBN discovery development plan. Assess other opportunities : workovers, platform drilling, step out prospects, TSP waterflooding. B. Maintain Aging Infrastructure and Operate Safely Increase Maintenance Planning and Execution, with special attention to asset integrity.

16 Environment Pyramid Safety Pyramid 2014 Drilling Campaign 6 wells drilled NPT (Non Productive Time) 100% 0% Pinta 1 ( DRY HOLE ) Exploratory well, vertical. Target P14 sand Arima 2 ( TECHNICAL DISCOVERY ) Exploratory well, deviated (78 ). Target U, T sands Infill G ( DEVELOPMENT WELL ) Horizontal well (90 ), targeted T1 sand Completed in OHGP (5 ½ screens) TBN ( COMMERCIAL DISCOVERY ) Deviated well (64 ), targeted T sand Completed in CHGP (5 ½ screens) 9.8% Fatality FAR LTIF TRIR 0 0 HSE Statistics All wells Lost Time Injury Restricted Workday Case / Medical Treatment Case First Aid Cases Near Misses Preventative Observations (N. cards/person/day) Oil Spills Target Cumulative Target Cumulative 0 TBN 2 ( COMMERCIAL DISCOVERY ) Deviated well (72 ), targeted T sand Completed in CHGP (3 ½ screens in 7 liner) TBN 3 ( COMMERCIAL DISCOVERY ) Deviated well (84 ), targeted T sand Completed in CHGP (5 ½ screens) Oil Sheens Chemical Spills Waste Management Non Conformances CEC Compliance Audits

17 TSP Projects TBN discovery TBN Project has discovered and appraised over 16.5 MBls oil and 4.1 BCF natural gas in the TB North Area Four wells were drilled contributing approximately 4,000 bopd and 5 mmscfd natural gas Q sand Structural map in TB & TBN area

18 Challenges and Opportunities Crude Oil Prices for investments Maintain Integrity of Offshore facilities : continue with strict implementation of maintenance programs. New opportunities : Deep water exploration.

19 Energy with Meaning Corporate Social Responsibility

20 Empowering Communities Providing Strategic & Sustainable Social Investment

21 Providing Strategic & Sustainable Social Investment A step into Diversification and Food Security NATIONAL INVESTMENT (main) 1 Year Scholarship Master Program for T&T Nationals at our Repsol s University in Spain. Sponsor of the National Awareness Campaign on the Social Integration of Persons with Disabilities. Sponsor of the National Transplantation and Procurement Management (TPM) of deceased potential organ donors. COMMUNITY INVESTMENT (main) Homework Center & Remedial Lessons- Mafeking Government Primary To implement in 2015 an after School Sports Program (Football & Cricket) in all Primary Schools in Mayaro and Environs. Construction of a new protected structure (greenhouse) to increase production volume Young Growers Programme potential implementation in primary schools, in collaboration Ministry of Education Community Development training with a special focus on food production in the areas of agriculture and livestock.

22 THANK YOU