Spanish oil firm Repsol is investing heavily upstream, and looking at asset sales and a reduced dividend to help it recover from the loss of its Argentinian unit YPF. Repsol shareholders on 31 May formally approved the change of the company's name from Repsol-YPF, as part of a rebranding and reorganising exercise intended to reassure markets that the company has robust growth prospects outside Argentina. The rebranded firm is targeting oil and gas production growth of over 7pc/yr. This should boost output from a baseline of 330,000 b/d of oil equivalent (boe/d) in 2011, adjusted for Libyan losses, to around 500,000 boe/d in 2016. The company's previous strategy forecast output of 400,000 boe/d by 2014.
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