Repsol Says Studying Different Upstream Transactions, Including with Talisman

By Ilan Brat

MADRID--Spanish oil major Repsol SA (REP.MC) said Wednesday that it was studying whether to buy some assets to incorporate into its oil exploration and production division, including from Canadian oil and gas company Talisman Energy Inc.

The company is considering various possible transactions, but has taken no decision on whether to buy anything from Talisman, Repsol said in a statement sent to Spain's market supervisor.

Also Wednesday, Talisman said that it had been "approached by Repsol with regards to various transactions."

Last year, Repsol's management said that it had begun shopping for oil assets in developed countries as a way to expand its portfolio into more politically stable areas.

This spring, Repsol reaped more than $6 billion by selling shares in its former Argentine unit, YPF SA, and the bonds it received from Argentina in compensation for the country's 2012 nationalization of YPF.

Repsol's management has said it would look to invest the proceeds possibly in North American assets that could yield substantial growth prospects for the company.

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