North Sea oil flows boost Repsol’s profits in Q3

Spanish oil firm Repsol said today that production from North Sea assets had boosted its third quarter profits.

Repsol’s pre-tax profits for the quarter totalled £667million pounds, up 8.7% year-on-year.

Sales came to £8.8billion, a 12% increase on last year.

Repsol’s adjusted net income from its upstream division was £132million, compared to a loss of £25million in Q3 2016.

Higher crude prices helped Repsol, as did a 3% increase in upstream production to 693,000 barrels of oil equivalent per day.

Repsol put the increase down to the resumption of production in Libya and the start-up of the Flyndre, Shaw and Cayley fields in the North Sea.

Production from the Maersk Oil-operated Flyndre field, which straddles the UK and Norwegian North Sea, started in March.

The Repsol-Sinopec Resources UK (RSRUK) joint venture holds a stake in Flyndre.

The Shaw and Cayley fields, operated by the RSRUK joint venture, came on stream in May and June.

Shaw and Cayley are part of the Montrose Redevelopment Area, a sub-£2billion project expected to prolong the lifespan of the area’s existing fields beyond 2030.

Read: Inside Repsol Sinopec’s Montrose project: Fish, new brains and the downturn

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