EIG Completes Acquisition of 25% of Repsol’s Entire Global Upstream Business
2.3.2023 20:52:00 EET | Business Wire | Press release
EIG, a leading institutional investor in the global energy and infrastructure sectors, today announced the completion of its acquisition of a 25% interest in Repsol Upstream, a newly-formed, gas-weighted exploration & production company comprising Repsol’s entire global upstream oil and gas business.
Breakwater Energy, a wholly owned subsidiary of EIG, acquired the 25% interest in Repsol Upstream for total consideration of approximately $4.8 billion, including debt, with Repsol holding the remaining 75%.
Repsol Upstream owns and operates Repsol’s globally diversified portfolio of upstream assets, comprising more than 600,000 boe/d of production and operations in 15 countries, including the United States. The portfolio generates significant free cash flow that should support a meaningful dividend, while also maintaining relatively low carbon intensity versus peers. Both Repsol and EIG foresee the potential to list the business in the United States from 2026 onward, subject to favorable market conditions.
“Repsol is a leader in the energy transition, and we are pleased to have completed this transaction with a global company that shares our commitment to reducing emissions while meeting the world’s energy demands,” said R. Blair Thomas, EIG’s Chairman and CEO. “The transaction sets Repsol Upstream on a path toward an accelerated decarbonization future, strong cash flow generation and potential market liquidity.’’
As previously announced, EIG will have the right to nominate two members to Repsol Upstream’s eight-member Board of Directors. Four will be nominated by Repsol and the remaining two will be independent. EIG will also appoint two senior executives to Repsol Upstream’s leadership team, one to serve as ESG Director and the other to lead special projects, including IPO preparedness.
Goldman Sachs & Co LLC and J.P. Morgan acted as financial advisors to EIG in connection with the transaction. Goldman Sachs & Co LLC, J.P. Morgan and Lazard acted as capital markets advisors in connection with the financing of the transaction. Latham & Watkins and Debevoise & Plimpton served as EIG’s legal advisors.
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors with $22.7 billion under management as of December 31, 2022. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 40-year history, EIG has committed over $44.6 billion to the energy sector through 396 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.
About Repsol
Repsol is a global multi-energy company that is leading the energy transition. It has set itself the goal of becoming a net zero emissions company by 2050. It is present throughout the energy value chain, it employs 24,000 people, and it distributes its products in more than 90 countries to 24 million customers.
The company can meet any energy and mobility needs of consumers, with a customer-centric offering. It is at the forefront of developing sustainable solutions for mobility, with increasingly efficient fuels, electric recharging, renewable fuels (advanced biofuels and synthetic fuels), AutoGas, and natural gas for vehicles.
To achieve net zero emissions by 2050, Repsol is committed to a model that integrates all decarbonization technologies, based on improving efficiency, increasing its renewable electricity generation capacity, the production of renewable fuels, the development of new solutions for customers, the circular economy, and the promotion of cutting-edge projects to reduce the industry's carbon footprint.
For more information, visit www.repsol.com
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230301006106/en/
Contact information
Media
EIG
FGS Global
Kelly Kimberly / Brandon Messina
+1 212-687-8080
EIG@FGSGlobal.com
Repsol
+34 91 753 8787
prensa@repsol.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Doha Debates Podcast Returns for a New Season Exploring the Ideas Shaping Our World23.9.2026 20:29:00 EEST | Press release
Qatar Foundation’s Doha Debates has launched a new season of the Doha Debates Podcast, with 20 episodes airing weekly through February 16, 2027. The series brings leading global thinkers together to debate some of the world’s most complex and challenging issues. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260923050361/en/ Doha Debates Podcast Returns for a New Season (Photo: AETOSWire) The podcast carries forward themes from its flagship debates and town halls through long-form conversations, reflecting Doha Debates’ commitment to open, truth-seeking dialogue exploring global issues with depth, nuance and respect for diverse perspectives. The opening episode, “Will China or the West lead the world into the future?” moderated by Soraya Salam, brings together Renata Ávila, CEO of the Open Knowledge Foundation; Arnaud Bertrand, entrepreneur; Isabel Hilton, visiting professor at the Lau China Institute, King's College, London
Dryad Wins International XPRIZE Wildfire Award for Autonomous Wildfire Detection and Suppression23.9.2026 20:00:00 EEST | Press release
Dryad Networks, a leader in ultra-early wildfire detection, today announced it has been awarded $800,000 in the XPRIZE Wildfire competition for its performance in the Autonomous Wildfire Response finals in Alaska. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260923024178/en/ Silvaguard Observation and Suppression drone and Hangar Dryad advanced from an original field of approximately 300 entrants in the four-year competition. In June 2026, three finalists were challenged to autonomously detect and completely suppress a high-risk wildfire within 10 minutes of ignition across 1,000 km² of Alaskan wilderness, leaving any decoy fires untouched. It was the most demanding live test to date of what it will take to stop a destructive fire before it grows out of control. During the tests, the Dryad’s Silvanet sensor network successfully detected and verified target fire in 12 minutes or less and autonomously launched a response, ig
SES Appoints Michel Scholer to Board of Directors23.9.2026 19:54:00 EEST | Press release
SES today announced the appointment of Mr. Michel Scholer, Secretary General of the Luxembourg Government and Chief of Staff to the Prime Minister, to its Board of Directors effective immediately. This appointment is part of SES’s Board succession planning and ongoing commitment to regularly review and strengthen the composition of its Board with diverse expertise and industry experience, ensuring the company is well positioned for future growth and value creation. Prior to his current role with the Luxembourg Government, Mr. Scholer served as a Senior Adviser to the International Monetary Fund, and with the Ministry of Finance, Luxembourg. He was nominated for the SES Board of Directors by the Government of the Grandy Duchy of Luxembourg. Follow us on: LinkedIn | Facebook | YouTube | X | Instagram Read our Blogs > Visit the Media Gallery > About SES At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, bus
Future Health - A Global Initiative by Abu Dhabi: New Analysis Estimates Modifiable Health Risks Represent $16.4 Trillion Annual Global GDP Opportunity in 205023.9.2026 19:50:00 EEST | Press release
Addressingbehavioural, metabolic and environmental health risks could generate an estimated $16.4 trillion in annual global GDP uplift in 2050. These findings are presented in The Future of Healthy Living: A $16.4 Trillion Opportunity, a new whitepaper co-authored by Future Health – A Global Initiative by Abu Dhabi, the McKinsey Health Institute (MHI) and Healthy Living at the Department of Health – Abu Dhabi, and released on the sidelines of the 81st Session of the United Nations General Assembly (UNGA 81) in New York. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260923530109/en/ A new whitepaper by Future Health – A Global Initiative by Abu Dhabi, in collaboration with the McKinsey Health Institute, estimates that eliminating modifiable health risks could deliver substantial health and economic benefits The publication comes as governments look to translate the UN Political Declaration on Noncommunicable Diseases and Men
SES Confirms Interim Dividend of EUR 0.2523.9.2026 19:46:00 EEST | Press release
The SES Board of Directors has approved the payment of an interim dividend of EUR 0.25 per A-share (EUR 0.10 per B-share) to be paid to shareholders on October 15, 2026, in line with SES’s commitment to shareholder returns. The interim dividend to be paid in October 2026 will be followed, subject to financial results and shareholder approval, by the payment of a final dividend of at least EUR 0.25 per A-share (EUR 0.10 per B-share) in May 2027. Follow us on: LinkedIn | Facebook | YouTube | X | Instagram Read our Blogs > Visit the Media Gallery > About SES At SES, we believe that space has the power to make a difference. That’s why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what’s next. Following our Intelsat acquisition, we now offer
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom