Spanish oil giant Repsol said today it plans to invest €19.1 billion over the next four years, mostly to develop recently discovered wells and in new explorations.
"Nearly 80% of the investments of the group are destined for upstream, which is the growth motor of the group," it said in a statement to outline its latest strategic plan.
It is the first plan released by the company since Argentine President Cristina Kirchner on May 4 signed a bill nationalising oil and gas producer YPF, which Repsol had controlled with 51% stake.
Repsol said it had identified ten "key growth projects" for its investments in 2012-16 in Algeria, Brazil, Bolivia, Russia, the US, Spain, Peru and Venezuela.
It said it plans to pump 500,000 barrels of oil equivalent a day by 2016, an annual production growth rate of more than 7.0% during the period.
Repsol predicts its 2016 net profit will be 1.8 times the €1.7 billion it posted last year.
Shares in Repsol edged down 0.11% to 13.8 euros in early morning trade in line with a 0.22% loss of Spain's main Ibex-35 stock index.
