Innovation and technology
The development of R&D projects, the creation of basic knowledge to subsequently scale it to our technologies, and networking are some of the key aspects of our innovation strategies. Likewise, we consider the attraction, incorporation, and co-creation of innovation through external enterprising to be key factors.
In this manner, Repsol's technological project portfolio is made up of two types of projects: on the one hand, R&D projects developed internally or externally and, on the other, projects requiring investment in startups.
Technology projects by business
In Exploration and Production, we delved deeper into developing leading-edge technologies in this field in 2017. These include Sherlock, Pegasus, Thor Hammer, and Horus, which give us a greater understanding of the characteristics of the subsoil that we are going to explore.
We are implementing different processes at our industrial facilities in order to improve their efficiency. For example, we made improvements in the processing opportunity crudes and developed prototypes of high-technology products, such as lubricants designed to save fuel in next-generation engines.
Regarding R&D in new energy sources and materials, advanced biology took its first steps in full-scale hydrocarbon bioprospection.
Another of our objectives is to commercialize the intellectual property generated by the Company. One of these projects to be commercialized is HEADS (Hydrocarbon Early Automatic Detection System), developed in conjunction with Indra.
Repsol's investment in R&D amounted to €72 million in 2017. All this activity was led by the Repsol Technology Center, located in Móstoles (Spain). Their work means that our Company is internationally recognized for its technology
in R&D in 2017
In 2017, we defined a new corporate venture capital operating model, which includes the creation of five-year funds for investing in startups.
Startup investment projects:
WHAT IS IT ABOUT?
Investing in startups that develop innovative technologies or business models and driving their implementation at Repsol
To help create a competitive advantage for the company’s businesses by investing in new innovative companies
To accelerate the development and implementation of new technologies and business models at Repsol
In 2017, we invested €7 million. There are currently 11 stakeholdings and joint development projects.
Additionally, we participate in Oil & Gas Climate Investments (OCGI-CI), a fund created by ten of the most important companies in the sector to invest €1 billion over 10 years for the development and acceleration of innovative low-emissions technologies.
The first investments were made in 2017: Solidia Technologies, a company that enables production of lower-emission cement; Achates Power, a company that develops more efficient vehicle engines; and a project for designing a large-scale gas-fired power generation plan with carbon capture and storage.