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El valor de la internacionalización en el oil&gas: D. Alejandro Oliva, Director de Estrategia y Planificación de Repsol

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VI SIMPOSIO EMPRESARIAL INTERNACIONAL FUNSEAM: RIESGOS Y OPORTUNIDADES DE LA TRANSICIÓN ENERGÉTICA
MESA 4: GLOBALIZACIÓN E INTERNACIONALIZACIÓN DEL SECTOR ENERGÉTICO
El valor de la internacionalización en el oil&gas: D. Alejandro Oliva, Director de Estrategia y Planificación de Repsol
5 de febrero de 2018
Barcelona

Published in: Environment
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El valor de la internacionalización en el oil&gas: D. Alejandro Oliva, Director de Estrategia y Planificación de Repsol

  1. 1. Alejandro Oliva Director de Estrategia y Planificación de Repsol MESA 4: Globalización e internacionalización del sector energético El valor de la internacionalización en el oil&gas
  2. 2. VI Simposio Empresarial Internacional FUNSEAM 2018 Oil is largely traded through crude oil and products O&G is globalized and compete internationally Fuente: BP Statistical Review of World Energy 2017 …with international indexes and transparent commodity prices
  3. 3. VI Simposio Empresarial Internacional FUNSEAM 2018 LNG is also the way to connect supply and demand very far from each other. O&G is globalized and compete internationally … gas commoditization? (from a regional market to a global market)
  4. 4. VI Simposio Empresarial Internacional FUNSEAM 2018 Fuente: BP Stadistical Review. Análisis Inteligencia Competitiva A sector well accustomed to high price volatility, due to its critical role in global economic development
  5. 5. VI Simposio Empresarial Internacional FUNSEAM 2018 1. Percentage of the State take in the cashflows without discounting the E&P projects. State flows include both the taxes (i.e. royalties to be paid by the IOCs) and the subsidies led by the price and quota control schemes (i.e. local price differential vs. international references). Source: WMK Consistent growth of resources nationalism, with most governments increasing their state take
  6. 6. VI Simposio Empresarial Internacional FUNSEAM 2018 The vast majority of resources are in hands of countries with geopolitical uncertainties Source: EIA
  7. 7. VI Simposio Empresarial Internacional FUNSEAM 2018 NOCs putting pressure on IOCs competitiveness, and are eager to internationalize Source: WoodMackenzie NOCs acquiring further capabilities and less dependant on international companies
  8. 8. VI Simposio Empresarial Internacional FUNSEAM 2018 Even most IOCs compete internationally with historical advantages: their domestic legacies La especial sensibilidad de sus países les hace estar más protegidos
  9. 9. VI Simposio Empresarial Internacional FUNSEAM 2018 In a very risky industry, there are mainly two possible strategic bets: geographical risk or technical risk Source: Wood MacKenzie and IHS These 2 different positionings have even intensified with the the irruption of unconventionals
  10. 10. VI Simposio Empresarial Internacional FUNSEAM 2018 Major focus areas for majors’ and Repsol production as of 2018 Source: 4.19 GEM WoodMacKenzie’s tool. Showing only locations with over 500 kboe/d accumulated. *Gulf 6 stands for Saudi Arabia, Kuwait, Bahrain, Qatar, UAE and Oman. Repsol internal Data. The successful way to internationalise is a balance between competitive advantages and diversification Nigeria Angola North Sea Russia Kazakhstan and the Caspian Gulf 6 Canada DW GoM Permian Australia US (Mostly Marcellus) Trinidad Bolivia Top producer Brazil 4rd producer 2nd producer Canada Indonesia Libya 5th producer Malaysia Peru 3rd producer Venezuela 3rd producer UK Majors’ 2018 estimated production: 17,3 Mboe/d Repsol’s 2018 estimated production: 734 kboe/d
  11. 11. VI Simposio Empresarial Internacional FUNSEAM 2018 Source: IHS EDIN Exploration Tool Repsol as a successful global explorer 201320132009 2017 2004 2002 2012 20012007 2005 2008 2009 2004 201420122008 2011
  12. 12. 12 VI Simposio Empresarial Internacional FUNSEAM 2018 Repsol’s portfolio has a low capex intense combination of regions and technical themes Source WM
  13. 13. VI Simposio Empresarial Internacional FUNSEAM 2018 Repsol has developed local relevance in certain countries of medium-low scale, where we deploy our capabilities In these countries, Repsol has an important role and is a preferred partner for top companies Repsol is a very skillful sailor and a well recognized player to navigate and manage geographical risk
  14. 14. Alejandro Oliva Director de Estrategia y Planificación de Repsol MESA 4: Globalización e internacionalización del sector energético El valor de la internacionalización en el oil&gas GRACIAS!
  15. 15. ANNEX. Repsol post Talisman 15

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