The Spanish company’s investment strategy heavily continues to rely heavily on oil and gas:  

• Over the past 3 years, US$251 million were invested annually in oil and gas exploration.
• In 2024, €2.6 billion were invested in upstream and €2.3 billion were distributed to shareholders, compared with just €2.5 billion invested in its renewable branch.
• From 2024 to 2027, Repsol plans to allocate a third of its investments to upstream oil and gas, while less than 20% of its future capital expenditure will be allocated in renewable energy.

The company’s business model will continue to be based on oil and gas extraction in the coming years. Diversification in other energies will keep representing a minority share of its future production and will sometimes involve activities that are harmful to the environment. 

Repsol’s diversification strategy relies on gas power, that represents 26% of Repsol’s 2024 power production, as well as on hydrogen and bioenergy.

Repsol aims to develop its renewable energy sources, with a capacity increase from 3.7 GW today to 15-20 GW by 2030. If Repsol meets its targets, renewable energy will represent 19% of the company’s energy production mix, while oil and gas will represent 71% of its energy production mix.

With its current strategy, Repsol will remain one of the key oil and gas players. Indeed, in 2030, Repsol’s oil and gas extraction will represent 0.5% of the global hydrocarbon production projected in the NZE, whereas the company will only represent 0.2% of the worldwide renewable power production.