According to Bloomberg, Repsol spent 199 million euros ($232 million) this year on oil exploration in countries such as the United States, Russia and Indonesia. However, for the development of new clean energy projects, the Spanish company invested 300 million euros.
In other words, the energy company is investing more in the development of renewable energy projects than in oil and gas exploration. Last Thursday (29), the ceo of the oil company, Josu Jon Imaz, told analysts, that the growth of the renewables division can also enable bringing an external partner or the realization of an initial public offering of the unit in the future.
In December, the company reduced the value of its assets by 4.8 billion euros to adjust to lower oil prices in the future and said it would target zeroing net greenhouse gas emissions by 2050, the first major oil company to adopt the measure.