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Repsol looking for business partners

German group RWE has abandoned the consortium for the exploration and exploitation of oil and natural gas in the Algarve.

The group’s shares (representing 30% of the total capital) have now been acquired by Spanish company Repsol, the other party involved in the consortium.

The total value of the project represents around €63.3 million.

Max Torres, Repsol director for Europe and North Africa, told Diário Económico that RWE’s decision to abandon the agreement had to do with the German group’s “strategic reorientation”.

Repsol is now looking for business partners to invest in the project.

Torres said at a recent meeting on energy resources in Portugal that he was “convinced” the Algarve was rich in natural gas due to its geological characteristics, similar to those at two exploration sites Repsol has in the Cadiz area, Spain.