Repsol wants to sell Chauvin in Alberta

Repsol wants to sell its oil assets in Alberta to Teine Energy. The transaction would allow him to invest in other areas.

Share:

Gain full professional access to energynews.pro from 4.90€/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90€/month*

No commitment – cancel anytime, activation in 2 minutes.

*Special launch offer: 1st month at the indicated price, then 14.90 €/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99€/year*

To access all of energynews.pro without any limits

*Introductory annual price for year one, automatically renewed at 149.00 €/year from the second year.

Repsol agrees to sell its oil assets in Alberta to Teine Energy. This transaction would be supported by the Canada Pension Plan Investments Board (CPPIB). However, the sale still needs to be approved by Alberta regulators.

Repsol is moving into other more attractive areas

Through the sale of Chauvin, Repsol could reap $304.65 million. The sale includes the heavy oil and gas production assets and the infrastructure that supports them.

Nevertheless, the rejection of the deal by Alberta regulators could scupper the deal. The deal involves the sale of approximately 38,000 hectares of oil and gas production land in Alberta.

Repsol’s assets in Alberta are divided between the Chauvin, Grand Edson and Duvernay areas. Chauvin is considered one of the company’s core oil assets. It has approximately 104,000 acres with 1,800 km of pipeline and 21 operating facilities in the region.

The potential sale is part of a strategy by Repsol to invest the proceeds in other assets. At the same time, the company plans to sell other Canadian assets. This would allow it to redirect its cash and efforts to areas it considers more prolific.

It seems that Repsol is particularly interested in Eagle Ford in the United States. In addition, it aims to invest in renewable energies in order to develop in this field.

However, the Spanish company says it will still be present in Canada.

Companies sell their assets

Moreover, the current context would push oil companies to sell their assets. Although the price of energy has fallen recently, it remains particularly high. In fact, Brent crude has risen by more than 20% since the beginning of the year. In addition, the price of a barrel is $93.

Companies such as ExxonMobil Corp. and Japex are following this trend and are also selling some of their assets. In fact, Exxon, along with its Canadian unit Imperial Oil, sold their Energy Canada joint venture to Whitecap Resources for $1.5 billion. While Japex sold its interest in the Hangingstone oil sands project.

GATE Energy has been appointed to deliver full commissioning services for bp’s Kaskida floating production unit, developed in partnership with Seatrium in the deepwater Gulf of Mexico.
A Syrian vessel carrying 640,000 barrels of crude has docked in Italy, marking the country’s first oil shipment since the civil war began in 2011, amid partial easing of US sanctions.
Canadian crude shipments from the Pacific Coast reached 13.7 million barrels in August, driven by a notable increase in deliveries to China and a drop in flows to the US Gulf Coast.
Faced with rising global electricity demand, energy sector leaders are backing an "all-of-the-above" strategy, with oil and gas still expected to supply 50% of global needs by 2050.
London has expanded its sanctions against Russia by blacklisting 70 new tankers, striking at the core of Moscow's energy exports and budget revenues.
Iraq is negotiating with Oman to build a pipeline linking Basrah to Omani shores to reduce its dependence on the Strait of Hormuz and stabilise crude exports to Asia.
French steel tube manufacturer Vallourec has secured a strategic agreement with Petrobras, covering complete offshore well solutions from 2026 to 2029.
Increased output from Opec+ and non-member producers is expected to create a global oil surplus as early as 2025, putting pressure on crude prices, according to the International Energy Agency.
The Brazilian company expands its African footprint with a new offshore exploration stake, partnering with Shell and Galp to develop São Tomé and Príncipe’s Block 4.
A drone attack on a Bachneft oil facility in Ufa sparked a fire with no casualties, temporarily disrupting activity at one of Russia’s largest refineries.
The divide between the United States and the European Union over regulations on Russian oil exports to India is causing a drop in scheduled deliveries, as negotiation margins tighten between buyers and sellers.
Against market expectations, US commercial crude reserves surged due to a sharp drop in exports, only slightly affecting international prices.
Russia plans to ship 2.1 million barrels per day from its western ports in September, revising exports upward amid lower domestic demand following drone attacks on key refineries.
QatarEnergy obtained a 35% stake in the Nzombo block, located in deep waters off Congo, under a production sharing contract signed with the Congolese government.
Phillips 66 acquires Cenovus Energy’s remaining 50% in WRB Refining, strengthening its US market position with two major sites totalling 495,000 barrels per day.
Nigeria’s two main oil unions have halted loadings at the Dangote refinery, contesting the rollout of a private logistics fleet that could reshape the sector’s balance.
Reconnaissance Energy Africa Ltd. enters Gabonese offshore with a strategic contract on the Ngulu block, expanding its portfolio with immediate production potential and long-term development opportunities.
BW Energy has finalised a $365mn financing for the conversion of the Maromba FPSO offshore Brazil and signed a short-term lease for a drilling rig with Minsheng Financial Leasing.
Vantage Drilling has finalised a major commercial agreement for the deployment of the Platinum Explorer, with a 260-day offshore mission starting in Q1 2026.
Permex Petroleum has signed a non-binding memorandum of understanding with Chisos Ltd. for potential funding of up to $25mn to develop its oil assets in the Permian Basin.

Log in to read this article

You'll also have access to a selection of our best content.