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Repsol (OTCQX:REPYY) (OTCQX:REPYF) plans to sell a minority interest in its Eagle Ford shale assets in Texas in a deal that could value the assets at as much as $2B, Reuters reported Friday.
The Spanish company reportedly is open to selling as much as a 49% stake in the assets, which include more than 800 producing wells spread across ~80K net acres with production of ~50K boe/day.
Repsol (OTCQX:REPYY) (OTCQX:REPYF) has hired Scotiabank to assist with the process, and aims to bring in a partner or partners to hold non-op positions, earning a cut from sale of hydrocarbons while paying a share of operating costs, according to the report.
Earlier this year, Repsol (OTCQX:REPYY) (OTCQX:REPYF) detailed plans to focus its upstream portfolio on areas of “competitive advantage and higher value” ahead of a potential public offering in the U.S. by 2027, and it identified the Eagle Ford as one of the core growth areas.