August 29, 2024 [Reuters]- Spanish oil company Repsol has called off the sale of its Norwegian unit, Repsol Norge AS, according to three sources with knowledge of the negotiations.

Repsol enlisted investment bank Rothschild to manage the sale, which includes 10 assets located on the Norwegian Continental Shelf, Reuters reported in March.

The assets include seven producing fields with net reserves of 53 million barrels of oil equivalent (mmboe), 36% of which are gas, and a projected 2024 net production of 29 mmboe, according to a marketing document distributed by the investment bank earlier this year.

A spokesperson for Repsol declined to comment.

The company is prioritising the disposal of other assets, one of the sources said, speaking on condition of anonymity because the matter is private.

Repsol is in talks to merge its UK North Sea operations with NEO Energy, three industry sources said Reuters in June, while it is also in talks to sell a minority stake in its renewable business to state-controlled oil company Saudi Aramco among other disposals.

As part of its 2024-2024 strategic plan, Repsol said it planned to finance its up to 26 billion euros ($28.90 billion) gross investments partially through portfolio rotation, including assets and stake sales of up to 4 billion euros.

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