Latest news with #Repsol
Reuters
6 days ago
- Business
- Reuters
Repsol's petrochemical complex shut down after power supply failure
MADRID, June 16 (Reuters) - Repsol ( opens new tab is working to restart a petrochemical complex in central Spain after it had to shut it down due to an external power supply failure, a spokesperson said on Monday. "Today at 6 a.m. there has been an interruption in the external power supply of the Puertollano industrial complex, for reasons beyond the control of the centre," the spokesperson told Reuters. The spokesperson said safety systems kicked in and worked correctly, declining further comment. A spokesperson for grid operator REE said that the problem was not connected to the transmission grid it managed and it had not detected any issues. Spain is still reeling from the worst blackout to hit the Iberian peninsula, which in April left around 60 million people without power. While the cause has yet to be determined, energy companies, industry experts and lobby groups said that several power glitches in the days before the outage pointed to the instability of the country's power grid.
Zawya
11-06-2025
- Business
- Zawya
Artificial Intelligence (AI) to Bolster Oil Recovery as Africa Maximizes Production at Ageing Fields
Africa's mature oilfields are experiencing a renaissance and artificial intelligence (AI) is at the heart of this transformation. In an era defined by innovation and sustainability, enhanced oil recovery (EOR) technologies - powered by AI - are breathing new life into declining reservoirs. From predictive analytics to machine learning algorithms, AI is not just a tool; it is a catalyst for maximizing output, extending field life and improving operational efficiency. At the forefront of this conversation is the upcoming African Energy Week (AEW): Invest in African Energies 2025 – taking place September 29 to October 3 in Cape Town. During the event, energy leaders will converge to explore the role of digital transformation in advancing EOR across Africa. From Data to Big Barrels In 2025, the global market for AI in the oil and gas industry is estimated at $3.54 billion, set to rise to $6.4 billion by 2030. This is largely due to a rise in AI adoption by major operators. Examples include Baker Hughes and Repsol pooling resources to bring AI processes and workflows into oil and gas projects. Repsol has several developments underway in Libya, Algeria and Morocco and strives to bolster production across these markets. SLB inaugurated its Africa Performance Center in Luanda in 2025, which will support oil operations by offering access to digital solutions such as AI. SLB has supported several billion-dollar oil projects in Angola, with investments in almost every other region in Africa. The power of AI in EOR comes down to predictive modeling. Traditional EOR relies heavily on limited data, with simplified reservoir models often impacting results. However, through AI, companies are able to analyze large datasets to deliver more accurate predictions of oil recovery. Another key benefit of AI in EOR is reservoir management. By analyzing geological and production data, companies can better-understand reservoir features, therefore supporting recovery techniques. Machine-learning also offers significant opportunities for EOR, specifically through its ability to recognize patterns, handle datasets and make accurate predictions. The application of machine-learning also enables reservoir performance forecasting, supporting decision-making by allowing companies to predict future production. Policy Creates In-Roads for AI Deployment As Africa advances toward digital transformation, policy reform has become a vital enabler of AI adoption across the oil industry. By integrating digital solutions and targets into regulatory frameworks, countries can support investments in AI and machine learning while accelerating research and development. Various countries are streamlining policy to support EOR at legacy assets. Angola, for example, implemented its Incremental Production Initiative in 2024 which offers tax incentives to encourage reinvestments in mature oilfields. Energy major ExxonMobil made the first discovery – the Likembe-01 well - as part of the initiative in 2024, demonstrating the role policy plays in unlocking incremental resources. The African Union Commission also declared AI as a strategic priority for the continent in May 2025, citing the role machine-learning plays in transforming the continent's development trajectory. The declaration is expected to create in-roads for technology companies, introducing new opportunities for oil operators to maximize recovery and efficiency. AEW 2025: Where Innovation Meets Investment AEW: Invest in African Energies 2025 – the continent's premier event for the energy sector – will host dedicated sessions on digital transformation, EOR and AI in exploration. A series of panel discussions and technical workshops will explore the new chapter of AI-driven oil production in Africa. AEW: Invest in African Energies 2025 will be the space where policy, capital and technology converge to define this next chapter. 'Africa's oil and gas assets hold immense value and AI is the key to unlocking resources efficiently and sustainably. In addition to support exploration efforts, AI will breathe new life into Africa's ageing oilfields, extending field life, maximizing value and driving smarter, low-carbon production,' states NJ Ayuk, Executive Chairman, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber. About AEW: Invest in African Energies AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event.
Yahoo
06-06-2025
- Business
- Yahoo
Spain's imports of Venezuelan oil dry up ahead of US sanctions deadline
MADRID (Reuters) -Spain didn't import crude oil from Venezuela in April, ahead of a key sanctions deadline set by U.S. President Donald Trump's administration. Spain's largest oil company Repsol is among foreign firms operating in Venezuela whose permits to export oil from the country were revoked by the United States. Repsol was given a May 27 deadline to wind down its operations there. Under that permit, Repsol received oil from state oil company PDVSA as payment for debt. The lack of imports in April followed sharp increases in 2024 and earlier this year, according to data released on Friday by Cores, an arm of Spain's energy and environment ministry. Repsol has held talks with U.S. authorities seeking ways to keep operating in Venezuela. Earlier this week, Chief Executive Josu Jon Imaz met with U.S. Energy Secretary Chris Wright. The cancellations of licences came after Trump issued an executive order in March, declaring that any country buying oil or gas from Venezuela would pay a 25% tariff on trades with the United States. Venezuelan President Nicolas Maduro and his government have rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple the country.
Reuters
06-06-2025
- Business
- Reuters
Spain's imports of Venezuelan oil dry up ahead of US sanctions deadline
MADRID, June 6 (Reuters) - Spain didn't import crude oil from Venezuela in April, ahead of a key sanctions deadline set by U.S. President Donald Trump's administration. Spain's largest oil company Repsol ( opens new tab is among foreign firms operating in Venezuela whose permits to export oil from the country were revoked by the United States. Repsol was given a May 27 deadline to wind down its operations there. Under that permit, Repsol received oil from state oil company PDVSA as payment for debt. The lack of imports in April followed sharp increases in 2024 and earlier this year, according to data released on Friday by Cores, an arm of Spain's energy and environment ministry. Repsol has held talks with U.S. authorities seeking ways to keep operating in Venezuela. Earlier this week, Chief Executive Josu Jon Imaz met with U.S. Energy Secretary Chris Wright. The cancellations of licences came after Trump issued an executive order in March, declaring that any country buying oil or gas from Venezuela would pay a 25% tariff on trades with the United States. Venezuelan President Nicolas Maduro and his government have rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple the country.
Reuters
28-05-2025
- Business
- Reuters
US-authorized buyers of Venezuelan oil complete transactions as licenses expire
May 28 (Reuters) - Buyers of Venezuelan oil under U.S. licenses and authorizations have completed loadings and the vessels departed as a period granted by Washington to wind down transactions expired this week, shipping data and documents seen on Wednesday showed. The U.S. Treasury and State departments gave companies including Chevron (CVX.N), opens new tab, Maurel & Prom ( opens new tab and Repsol ( opens new tab until May 27 to receive cargoes of Venezuelan crude, fuel and byproducts as authorizations granted in recent years were revoked in March as part of the Trump administration's harder stance towards the sanctioned country. A recent large swap deal between Venezuela's state company PDVSA, M&P and commodities firm Vitol was completed, with naphtha supplies discharged at PDVSA's Jose port and vessels carrying Venezuelan heavy crude setting sail to the U.S., the data showed. Other customers also received in recent days their last cargoes ahead of the wind-down deadline. PDVSA in April canceled cargoes scheduled for delivery to one of its main joint-venture partners, Chevron, citing payment uncertainties related to U.S. sanctions, which cut short the deadline set to complete those transactions. Chevron's broad license to operate in Venezuela ended on Tuesday, the company confirmed. However, the U.S. producer received guidelines from the Trump administration allowing it to preserves its stakes, assets and staff in Venezuela, sources told Reuters. PDVSA, Vitol, M&P and Chevron did not immediately reply to requests for comment. As buyers have completed and ceased deals, there has been a reduction of crude sales to U.S.-authorized companies since last month, partially offset by an increase in oil and fuel deliveries to little-known intermediaries allocating Venezuela-origin cargoes in Asia, the data and documents showed. Without the licenses, analysts are forecasting a 15-30% decline of Venezuela's oil output and exports by the end of next year, following a slow recovery that had pushed average crude output to around 1 million barrels per day (bpd) this year. The government of President Nicolas Maduro rejects the sanctions. Officials have said they amount to an "economic war."
