MADRID, Sept 16 Spanish oil major Repsol
is ready to spend between $5 billion and $10 billion on
a U.S. or Canadian exploration and production company, the Wall
Street Journal reported on Monday,
Repsol has told investment bankers in recent months of its
plans and has a preference for a company that produces more oil
than natural gas, the WSJ said, citing people familiar with the
Repsol declined to comment.
Repsol's sale of liquefied natural gas assets to Royal Dutch
Shell, due to close later this year, will bring in
$4.4 billion before taxes for the firm.
Its strategic plan calls for 19 billion euros to be spent on
boosting its upstream oil business through 2016, with focus on
the United States, Brazil, Russia and Latin America.