September 16, 2013 / 8:30 AM / 4 years ago

Repsol considers US or Canadian oil and gas acquisition - WSJ

MADRID, Sept 16 (Reuters) - 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 talks.

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.

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