Repsol credits upstream for growth

May 9, 2013 at 8:49 AM

MADRID, May 9 (UPI) -- Spanish energy company Repsol said Thursday it was having a good year in part because of upstream gains ranging from Brazil to Alaska.

Repsol said Thursday that its upstream unit accounted for more than half of its operating income. Production during the first quarter of 2013 increased 11.4 percent from the previous year to just more than 360,000 barrels of oil equivalent per day, it said.

"The upstream unit continued its growth trend, performing well during the quarter," it said.

It credited the growth with the launch of its Sapinhoa field in Brazil and greater activity in Trinidad and Tobago. The Brazilian field is expected to reach an eventual output of 120,000 barrels of oil equivalent per day. Trinidad and Tobago is accountable for the majority of the oil production in the Caribbean. Most of the oil production is offshore.

Repsol added that it had "very positive results" from seven of the nine oil and natural gas wells that it drilled in Alaska so far this year.

Repsol posted a net income for the first quarter of $827 million, an increase of 1.6 percent year-on-year.

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