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Article: Repsol seen drifting after recent setbacks.(Repsol YPF S.A.)
- Article from:
- Petroleum Intelligence Weekly
- Article date:
- October 1, 2007
CopyrightCOPYRIGHT 2007 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For Spain's Repsol YPF, the past 12 months have, to say the least, been difficult. It has wrestled with resource nationalism in Bolivia, Ecuador and Venezuela, struggled to advance plans for the partial sell-off of its Argentine YPF subsidiary, and, most recently, faced the loss of its flagship $1.2 billion Gassi Touil LNG project in Algeria--a blow not just to its operational reputation, but also to its attempts to diversify away from its troubled Latin American heartlands (PIW Sep.10,p8). Repsol had at least not booked any reserves from Gassi Touil, and hence does not need to debook any--a relief for investors given the huge reserves writedowns the company has undertaken ...