Spain’s Repsol Looking for North American Oil Deal
From Fox Business
By Matthew Rocco
Spanish oil giant Repsol is reportedly looking to acquire a North American oil company in an effort to take advantage of the U.S. oil boom and invest in politically stable countries.
The Wall Street Journal reported on Monday that the Madrid-based company has talked to investment banks in recent months, telling them it’s ready to spend $5 billion to $10 billion for a U.S. or Canadian exploration and production company.
The newspaper, citing people familiar with the talks, said Repsol prefers to acquire a company that produces much more oil than natural gas.
A Repsol spokesman declined to comment on the report.
According to a recent report from Bernstein Research, Repsol is among the integrated European oil companies most heavily exposed to exploration areas like Morocco and Sierra Leone. Operating in those countries can provide more-profitable oil production but also carries risks.
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