Breakwater Energy, a wholly owned subsidiary of EIG, has completed the acquisition of a 25 percent interest in Repsol Upstream, a newly-formed, gas-weighted exploration and production company, for around $4.8 billion, including debt. Repsol holds the remaining 75 percent.
Repsol Upstream owns and operates Repsol’s globally diversified portfolio of upstream assets, comprising more than 600,000 boe/d of production and operations in 15 countries, including the United States. Both Repsol and EIG foresee the potential to list the business in the United States from 2026 onward, subject to favorable market conditions.
“Repsol is a leader in the energy transition, and we are pleased to have completed this transaction with a global company that shares our commitment to reducing emissions while meeting the world’s energy demands,” said R. Blair Thomas, chairman and CEO of EIG. “The transaction sets Repsol Upstream on a path toward an accelerated decarbonization future,