Upstream

The business doubles the adjusted net income of the previous year
Image milestone Upstream
Average production increase of 3%

In 2018, the Upstream area achieved an adjusted net income of 1.325 billion euros, doubling that of the previous year. Furthermore, it registered a production increase of 3%, reaching an average of 715,000 barrels of oil equivalent per day.

This result was driven by the company's management and its efficiency and digitalization programs, greater crude and gas realization prices and greater production volumes.

This increase in production was due to new barrels obtained from projects like Reggane (Algeria), Juniper and TROC (Trinidad and Tobago), Monarb (United Kingdom), Kinabalu and Bunga Pakma (Malaysia), and Sagari (Peru), combined with the acquisition of the Visund field (Norway), the tie-in of new wells in Marcellus (United States), and Libya's increased contribution.

In exploration, we were awarded new exploration blocks in different bidding rounds in Mexico, Brazil, Norway, Greece, Bulgaria, and the United States, as well as in Indonesia through direct allocation.

We also tackled projects that provide significant value and guarantee sustaine growth, such as the start of the Buckskin development in the US Gulf of Mexico, Phase I of Akacias in Colombia, and Angelin in the West Block field, as well as the Cassia and Matapal developments in Trinidad and Tobago. In Norway, we should note the acquisition of different holdings in the Visund and Mikkel fields, in addition to the Yme field redevelopment project.