MADRID, Sept. 3 (UPI) -- Publisher Petroleum Economist Ltd. named Spanish energy giant Repsol the energy company of the year for its exploration and diversification efforts in 2008.
Petroleum Economist rewards people and organizations for their contributions to the energy sector. The awards are in their fourth year.
Repsol announced it had won the prestigious award for the implementation of a strategic plan to boost its exploration and diversification activity in Brazil, North Africa and the Gulf of Mexico.
The company touted its use of new seismic imaging technology in deepwaters in Brazil and the Gulf of Mexico as giving it a competitive advantage in some of the most promising offshore exploration areas.
British supermajor BP on Wednesday announced a "giant" oil find in the Gulf of Mexico, establishing the area as one of the key energy regions of the world.
Repsol beginning in 2008 participated in four of the world's 20 largest hydrocarbon finds. It posted a record 13 finds so far in 2009, including two that the company says are among the Top 10 for the year.
Meanwhile, it moved to help ease Spain's dependence on imports with a $4.5 billion expansion to the Cartagena refinery.
Repsol said it was the only Spanish energy company nominated for the award.
