• With more than US$230 million raised, SNB Capital Oil & Gas Fund I will indirectly invest in Repsol E&P, a joint venture between EIG and Repsol
  • Fund offers investors exposure to a global portfolio of E&P assets with a production capacity of ~600,000 barrels of oil equivalent per day

Riyadh, Saudi Arabia – SNB Capital’s Dubai-based subsidiary, SNB Capital (DIFC) Limited has launched SNBC Capital Oil & Gas Fund I to provide investors with global exposure to top-tier oil & gas (O&G) fields and developments through an innovative Shariah-compliant structure.

The fund raised more than US$230 million and will indirectly invest in Repsol E&P, a JV between Repsol, a global energy company based in Spain, and EIG, a leading institutional investor in the global energy and infrastructure sectors.

Repsol E&P is an independent exploration and production (“E&P”) company operating premium-quality oil and gas fields and developments primarily in OECD jurisdictions, with approximately 50 percent of the reserves and resources located in North America. This transaction creates a unique opportunity to acquire a large-scale portfolio with a production capacity of ~600,000 barrels of oil equivalent per day.

Repsol will retain a majority stake in the joint venture and leverage EIG’s long track record of investing across the capital structure in the global E&P sector to maximize value creation, enhancing the strengths of Repsol E&P.

“This pioneering oil and gas fund serves as a testament to SNB Capital’s commitment to enhancing our international role, fostering deeper engagement with stakeholders and unlocking unparalleled global opportunities for our investors while achieving sustainable economic diversification, innovation, and prosperity in the investment sector,” said Mohammed Al-Saggaf, Head of Wealth Management at SNB Capital.

R. Blair Thomas, Chairman & CEO of EIG added, “We are excited to partner with a regional leader and sector expert like SNB Capital as we seek to accelerate Repsol E&P’s path toward decarbonization, strong cash flow generation and market liquidity. Our work with SNB Capital is another important step in positioning EIG to meet the twin goals of decarbonization and reliability, and bolstering our ability to meet the growing global demand for accessible, efficient and safe energy.”

About SNB Capital

SNB Capital Company, a licensed entity by Capital Market Authority (CMA), is a leading regional financial institution with deep industry expertise across five business lines: Asset Management, Wealth Management, Securities, Investment Banking, and Principal Investment. SNB Capital is the largest asset manager in Saudi Arabia with USD 66 billion of assets under management as of December 2023. SNB Capital (DIFC) Limited is established in the DIFC and regulated as a category 3A prudential financial institution by the DFSA specializing in the asset management of alternative assets.

Further information is available at www.alahlicapital.com. Follow SNB Capital on X Platform @Capital_SNB.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with US$22.9 billion under management as of December 31, 2023. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 41-year history, EIG has committed over US$47.1 billion to the energy sector through over 405 projects or companies in 42 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.

For additional information, please visit EIG’s website at www.eigpartners.com.

About Repsol

Repsol is a global multi-energy company that is leading the energy transition. It has set itself the goal of becoming a net zero emissions company by 2050. It is present throughout the energy value chain, it employs 24,000 people, and it distributes its products in more than 90 countries to 24 million customers.

To achieve net zero emissions by 2050, Repsol is committed to a model that integrates all decarbonization technologies, based on improving efficiency, increasing its renewable electricity generation capacity, the production of renewable fuels, the development of new solutions for customers, the circular economy, and the promotion of cutting-edge projects to reduce the industry’s carbon footprint.

For more information, please visit Repsol’s website at www.repsol.com.