REPSOL is looking to take advantage of the assets it acquired in its takeover of Talisman Energy last year, with the company naming Papua New Guinea as a focus area for 2016.

The Spanish oil and gas giant began exploration and production work in PNG after acquiring the eight exploration and one development assets of Talisman, with the group successfully wrapping up a 2D seismic campaign over PPL 269 in 2015.

In an announcement released with the company’s annual report, Repsol chief executive Josu Jon Imaz said that the Talisman acquisition had boosted Repsol’s position as an integrated global company.

“Equally importantly, the acquisition brought with it an influx of top level talent, complementing our existing capabilities,” he said.

The acquisition introduced Repsol to four new markets – PNG, Malaysia, Vietnam and the United Kingdom, as well as increasing the amount of gas in its asset portfolio.

Repsol said it was taking on a new dimension and profile after acquiring  Talisman, giving it  flexibility for decision-making and a high-quality asset portfolio focused on more stable OECD countries.

It also boosted the company’s average hydrocarbon production, to 559,000 barrels of oil equivalent per day, with a 54 per cent increase in reserves.

Its strategic plan for the next four years will focus on developing the value of its asset portfolio by increasing efficiency, as well as achieving savings of €1.1 billion in 2016 and €2.1 billion per year beginning in 2018.

Repsol also completed 32 exploratory wells in 2015, at which 16 generated a positive result, it added.

Repsol reached an adjusted net income of €1.86 billion euros in 2015, a 9 per cent increase over the previous year.