Repsol Oil Hunt Risked as Pemex Ally Sacyr Demands More Cash

Antonio Brufau’s search for oil in Brazil and West Africa that boosted Repsol YPF SA’s reserves by 25 percent since 2005 is in jeopardy after two of its biggest shareholders allied to loosen his grip on the company.

Brufau should give up either his role as chairman or chief executive officer, Petroleos Mexicanos and Sacyr Vallehermoso SA said on Aug. 29 when they announced an agreement to vote as a bloc on improving management and on strategies to boost earnings, share price and dividend payments.