33
Oil prices.
Divestment of non-strategic assets.
Technological development.
Increased growth in demand for gas vs oil.
Geopolitical situation.
Refining overcapacity in Europe.
Technological development.
Increase in biofuel regulation in Spain.
Geopolitical situation.
Recovery of demand for petroleum products in the short term and stagna- tion in the long term.
Deficit of petroleum products in Africa.
Increase in biofuel regulation in Spain.
Technological development.
Geopolitical situation.
EXPLORATION AND PRODUCTION
Resilience against low prices.
Reserve replacement.
Sustainable long-term growth.
Protection of refining margin.
Improved process efficiency.
Maintaining Cepsa s competitive position.
Consolidation of our market position.
Improved efficiency.
International growth.
Cost reduction programme and rethinking of investment and deve- lopment plans.
Reserve replacement in key assets such as Colombia, Algeria and Southeast Asia, through the exten- sion of existing contracts, explo- ration and selective mergers and acquisitions.
Design of a 15-year plan to increase reserves, reducing dependency on successful exploration and incor- porating development projects.
Maintenance of the Refining Optimi- zation Program.
Increased production of middle dis- tillates in the Gibraltar San Roque Refinery.
Redesign of our product portfolio. Manufacture of lights, with greater added value and demand.
Adaptation to biofuel regulation.
Increase in value of surplus gasoline.
Gradual exploration of international opportunities.
Cost optimisation and reduction projects.
Keeping Cepsa branding formula for services stations.
Gradual exploration of internatio- nal opportunities.
100% 75%
50%
REFINING DISTRIBUTION AND MARKETING
ANNUAL AND CORPORATE RESPONSIBILITY REPORT 2015