On Saturday, the Spanish oil company Repsol’s CEO Josu Jon Imaz Fernández confirmed that improved security and political conditions in Libya have allowed the Spanish energy company to increase production and resume key operations across its Libyan portfolio.
In comments to Investing.com, Fernández said that the country is “improving socially, politically, and in terms of security,” enabling Repsol to accelerate its work on the ground.
In the second quarter of 2025, Repsol’s projects in Libya produced a total of 307,000 barrels of oil per day, with the company’s net share reaching 43,000 barrels per day. That growth, he said, was the result of stronger field performance and the activation of new wells throughout 2024.
Repsol restarted 12 wells in the first half of 2025 and expects more to come online in the months ahead. This activity is projected to boost total production by another 12,000 barrels per day, with Repsol’s share estimated at 1,500 to 2,000 barrels daily. The company is also moving forward with plans to bring in a second drilling platform to meet its remaining exploration commitments, including early development efforts in the Waha region.
The company’s overall global production reached 557,000 barrels per day in Q2, a 3% increase from the first quarter. Libya was highlighted as a key contributor to that growth, alongside assets in the UK, Trinidad and Tobago, and Eagle Ford in the US.
Repsol also reported solid financial performance for Q2 2025, posting €272 million in net income, up 8% from the previous quarter. Operating cash flow surged to €1.7 billion, a 50% increase, while net debt was reduced by 2% to €5.7 billion.
Looking ahead, Repsol maintains an optimistic outlook for 2025, projecting €6 billion in operating cash flow and targeting 590,000 barrels of daily production by 2026. The company plans €3.5 billion in net capital expenditures and a €700 million share buyback as part of its strategic growth plan.
