Spain’s oil and gas company Repsol will stop pursuing production growth in its upstream oil and gas division as it is getting ready for the energy transition, Bloomberg reports , quoting a person familiar with the plans, in what would be a first such move by a primarily oil and gas company. Repsol will unveil a revised business plan in June that would cap its future oil and gas production at the current levels and would prohibit it from keeping more than eight years of oil and gas reserves on its books, according to Bloomberg’s source. The eight-year reserve life would be shorter than those of many of the bigger oil companies. According to data compiled by Bloomberg, Rosneft has 21 years of reserves life, Exxon 15 years, BP 14 years, Total and Chevron 12 years, and Shell 9 years of reserves life. Earlier this month, Repsol reported a […]