Upstream: more production
and important discoveries
its adjusted net
In 2017 the Upstream area achieved earnings of €632 million, twelve times that obtained in the previous year. Additionally, the Company increased its net production to 695,000 barrels of oil equivalent per day, the highest recorded since 2011.
Their improved earnings were mainly due to the measures of the synergies and efficiencies program, the restart of production in Libya, and higher international benchmark prices.
In 2017, the Company made major discoveries that strengthened Upstream's prospects. It made the greatest conventional onshore discovery of hydrocarbons in the last 30 years in the United States with the Horseshoe-1 and Horseshoe-1A exploratory wells in Alaska's North Slope, and made the greatest discovery of gas in the last five years with the Macadamia and Savannah exploratory wells in Trinidad and Tobago.
In December, Repsol was recognized as the best Exploration and Production company in 2017 by the international agency Standard & Poor's Global Platts for its ability to generate value in a context marked by volatility and low crude oil prices.