Chairman of Repsol Antonio Brufau said the Spanish major is placing increased emphasis on natural gas as a “big pillar” in its overall strategy, since the commodity will best allow the company to meet the four key energy objectives that society demands.
The Chairman was speaking on Monday at the opening of the Gastech conference in Barcelona, Spain, noting that energy demands are expanding due to rapid population growth and wealth.
Brufau stated that the four objectives society asks of energy companies are: guaranteeing security of supply; being competitive on price; have access to commercial forms of energy as a human right; and that energy production is sustainable with a lower carbon footprint.
“I think the best fuel that fits the four objectives together is natural gas. Gas is clean, flexible, renewable and it is a perfect fit with the new generation of renewable energies that are coming on. At the same time it is a very good technology for the back-up of the system,” the Repsol Chairman is quoted as saying.
Brufau said that other oil companies have also placed natural gas as a big pillar of their strategy. He noted that currently, 63 percent of Repsol’s production is natural gas and that 75 percent of their reserves comprises natural gas. He said too that his company is building downstream capacity in the gas and power sectors.
“I am convinced in the future natural gas – in different ways, through liquefied natural gas and pipelines, etc – will have a significant role in achieving the goals in front of us,” Brufau said.
Repsol is one of several companies exploring for oil in the offshore Guyana basin and holds a 70 percent stake in the Kanuku Block while Tullow Oil & Gas holds 30 percent.