- What Repsol Sinopec reviewing occupational strategy in Aberdeen
- Why Lease event approaching
- What next Search to take in city centre and business park options of up to 75,000 sq ft
North Sea oil firm Repsol Sinopec is exploring office options of up to 75,000 sq ft in Aberdeen, React News can reveal.
The requirement, understood to be the largest live search in the Granite city, is focused on sites that can accommodate 50,000 sq ft up to 75,000 sq ft city-wide.
The oil producer, a joint venture between Spain’s Repsol and China’s Sinopec, has a lease event at its current headquarters on 163 Holborn Street in 2025.
Savills is understood to be advising Repsol Sinopec on its occupational strategy, market sources said.
Headquartered in Aberdeen, Repsol Sinopec has interests in 48 fields, of which they operate 38.
Shell recently completed a 70,000 sq ft office letting at the Silver Fin, a move that will bring the oil and gas firm back into the city centre.
Market conditions
The occupier market in Aberdeen has, however, been somewhat subdued due to fluctuating oil and gas prices, although with the city beginning to position itself at the forefront of the UK’s renewable sector there is renewed optimism that the city could benefit from inward investment.
An auction of seabed plots for major offshore wind projects around the Scottish coast has netted £700m. Seventeen projects covering a total of 7,000km2 have been chosen in the first such leasing round in a decade.
The ScotWind leasing auction attracted more than 70 bids from major oil companies, utility firms and investment funds from around the world.
All parties declined to comment.
