December 6, 2018 / 3:33 PM / 9 days ago

Repsol expects to raise production by about 50 percent in Marcellus shale by end of 2020

The logo of Spanish energy giant Repsol SA is seen at a barrel during the opening ceremony of its first gas station in Mexico City, Mexico March 12, 2018. REUTERS/Carlos Jasso

NEW YORK (Reuters) - Spain’s Repsol SA expects to raise production in the Marcellus natural gas shale field by about 50 percent by the end of 2020 due to efficiency gains, an executive said at an industry conference in New York on Thursday.

“With just the addition of one rig and investment of about $400 million a year, we’re going to be able to raise production by 50 percent and be cumulative cash flow positive by the end of 2020,” Paul Ferneyhough, executive director of North America for Repsol said at the S&P Global Platts Global Energy Outlook Forum.

Repsol holds an interest in 168,400 net acres in the Marcellus Shale, one of the largest natural gas fields in the world, extending throughout the Appalachian Basin and stretching across Pennsylvania, according to its website.

Reporting by Stephanie Kelly and Devika Krishna Kumar in New York; Editing by Chizu Nomiyama

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