Repsol has countered stoppages in Libya due to rebel activity with production from new wells, according to its latest financial results.
Spain’s largest oil producer recorded a second-quarter profit of EUR 390million compared to last year’s EUR 401million.
Rebel hostilities in Libya halted production hitting the firm’s profits hard. However, outside the conflict-ridden country production rose by 5%.
Repsol also managed to reduce its debt to EUR 2.4million from EUR 6.3million in the same period.
The firm which is sitting on a $10billion acquisition budget is eyeing potential targets to add to its portfolio, which includes operations in Russia, Iraq and Venezuela.
As previously reported on Energy Voice, Talisman Energy confirmed it has been approached by Repsol about “various transactions”.