Energy company Repsol has announced a new strategic investment plan worth up to €10 billion for the period between 2026 and 2028, reinforcing its commitment to the Iberian energy market and strengthening its presence in Portugal. The updated strategy highlights the region as a central pillar of the company’s long term growth, with more than half of the total investment expected to be directed toward projects in Portugal and Spain. The company presented the plan while outlining financial targets and operational goals that reflect confidence in the region’s energy demand and economic outlook. The initiative is designed to support both traditional energy production and the expansion of low carbon technologies across its portfolio.
According to the company’s roadmap, approximately 55 percent of the planned investment will be focused on Portugal and Spain, while about 34 percent will be allocated to projects in the United States. The investment program aims to strengthen Repsol’s position across the energy value chain, from upstream oil production to industrial refining and new energy services. Despite volatility in global markets influenced geopolitical tensions and fluctuations in oil prices, the company expects strong financial performance in the coming years. Repsol forecasts operating cash flow could reach around €6.5 billion 2028, reflecting steady demand for energy and a diversified business model across several international markets.
A significant portion of the investment will focus on increasing oil production and improving operational efficiency. Repsol expects its global production to rise between six and ten percent 2028, potentially reaching around 600,000 barrels of oil equivalent per day. This growth will be supported operations in regions including the United States and Libya as well as the potential recovery of production in Venezuela. While traditional energy activities remain an important part of the strategy, the company has emphasized that the expansion plan is also designed to support a gradual energy transition as global demand shifts toward cleaner and more sustainable energy solutions.
The company also plans to accelerate its low carbon initiatives, which are expected to account for roughly 30 percent of total investment during the strategic period. Industrial projects alone are projected to receive around €4 billion, with nearly 40 percent of that amount dedicated to low emission technologies and renewable energy solutions. Among the initiatives under development are efforts to expand the distribution of renewable Nexa Diesel and to strengthen electricity and natural gas services across Portugal and Spain. The company also aims to significantly increase its energy customer base in the region, targeting more than four million electricity and gas clients as the multi energy model expands.
Shareholder returns remain another key pillar of the company’s updated strategy. Repsol plans to distribute around €3.6 billion in dividends 2028 as part of a broader remuneration program designed to maintain investor confidence and support long term growth. For 2026, the company has already confirmed a dividend payment of €1.051 per share, representing an increase of nearly eight percent compared with the previous year. Combined with share buyback programs worth up to €350 million, the company expects annual dividend growth of more than six percent, reinforcing its commitment to delivering stable returns while continuing to expand energy operations.
Repsol’s investment strategy also aligns with its long term environmental goals, including the ambition to achieve net zero emissions 2050. combining increased production capacity with renewable fuels, electricity generation and energy retail expansion, the company aims to balance profitability with sustainability. The latest investment plan signals a continued focus on Iberian energy markets, positioning Portugal and Spain as central hubs in the company’s future operations as the global energy sector continues to adapt to shifting economic and environmental priorities.
