Later, September 16, 2013: at SeekingAlpha, a writer takes up the issue of Repsol buying an American independent, KOG vs WLL faceoff.
Spanish oil major Repsol SA is shopping for a North American oil company as it seeks to increase its investments in politically stable countries and the U.S. energy boom, according to people familiar with the talks.I can name about four public companies and maybe one or two private operators in the Bakken that might fit this bill.
The Madrid-based company has told investment bankers in recent months that it is ready to spend $5 billion to $10 billion for a U.S. or Canadian exploration and production company, preferably one that produces much more oil than natural gas, these people said.
A spokesman for Repsol said he couldn't comment on the company's acquisition plans.
A North American acquisition would help Repsol bolster its presence in stable-market economies. The Spanish company is among the integrated European oil companies most heavily exposed to frontier oil-exploration areas such as Morocco and Sierra Leone, according to a recent Bernstein Research report. Working in those countries carries the promise of more-profitable oil production as well as risks.