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Repsol CEO Josu Jon Imaz, Image courtesy of Repsol/Flickr.

Spain’s Repsol said Thursday it will sell about $7.1 billion in non-strategic assets as part of its newly released four year strategic plan.

The company said it will undertake the divestments and also cut spending by 38 percent “without altering its company profile” as part of its 2016 to 2020 plan.

The assets slated for sale have not been disclosed yet.

Repsol completed its $8.3 billion acquisition of Canada’s Talisman Energy in May, a deal that Repsol said will allow the merged company to double its EBITDA at CCS to $13.09 billion, or about €11.5 billion, in 2020.

The company has identified new synergies resulting from the merger that will allow it to boost its savings target to $350 million dollars from the $220 million dollars initially expected.

“These synergies supplement the efficiency program included in the strategic plan,” Repsol said.

The program will be applied to the entire company and will lead to cost savings, including synergies, of $2.39 billion per year starting in 2018.

The company said that even if crude prices remain under $50 dollars per barrel during the next four years it will still be able to generate enough cash flow to finance its investment needs, maintain dividends and pay off debt.

Following the Talisman acquisition, Repsol’s exploration and production unit will now focus on three strategic regions: North America, Latin America, and South-East Asia, “with high potential for organic development.”

The company has begun an optimization and asset portfolio management process that will reflect lower exploration expenses, a 40 percent reduction in investment levels and a production level between 700,000 and 750,000 barrels of oil equivalent per day, guaranteed by current reserves.

“All of this will allow this business area to reduce the free cashflow breakeven price,” Repsol said.

The plan also calls for a broader integration of refining and marketing activities, with divestments in non-strategic assets for the downstream unit and a “clear goal” of reducing energy costs and CO2 emissions.

These steps will allow Repsol to set the downstream unit’s target for free cash flow generation for the next five years at an average of $1.94 billion per year, the company added.