Spain’s Repsol has followed BP (MEES, 19 June), Shell (MEES, 3 July), and Eni (MEES, 17 July) in becoming the latest integrated European firm to downgrade its long term oil price assumption, and with it write off assets.

In the firm’s Q2 results on 23 July Repsol announced a $1.5bn write down as it cut its Brent price assumption to $43/B for 2020, $49/B for 2021 and an average of $59.60/B (in 2020 prices) for 2020-50. (CONTINUED - 239 WORDS)