Spanish energy company Repsol said Wednesday it was taking a conservative approach to its short-term plans given the volatility in crude oil prices.

The price for Brent crude oil, the global benchmark, has been somewhat erratic so far this year amid evolving concerns about global trade wars and geopolitical risk. Brent hit a low for the year at $61.94 per barrel in February, set a multi-year high at $80.42 in late May and was trading near $75 per barrel early Wednesday.

In a two-year strategic plan, the Spanish energy major said it was self-financed under a cautious estimate for Brent at $50 per barrel. That's the point at which the company said it could guarantee flexibility in financing.

"Repsol will meet all its financial targets assuming a conservative Brent oil price of $50 per barrel," the company stated. "If oil prices remain steadily higher during the period, the company will accelerate growth from the projects in its existing pipeline."

For exploration and production, known as the upstream segment, the company said it plans to invest about $9.3 billion through 2020, which represents 53 percent of the total investment objective. More than half of that will go toward growth and exploration so that it can ensure a good base of reserves over the long term.

While focusing on onshore and shallow-water opportunities, the company said it would focus on existing assets that don't require major developments. Production of 750,000 barrels of oil equivalent per day is expected by 2020.

Production last year averaged 695,000 barrels of oil equivalent per day, with the company attributed to the resumption of activity in Libya and new projects from Trinidad and Tobago to Brazil. Full-year 2017 production beat its goal by 2 percent.

Upstream, the company set an objective of generating $1 billion in free cash flow through efficiency and digitalization programs. Repsol this week established a partnership with Google to use its cloud data service and artificial intelligence to help optimize operations at its Tarragona refinery.

Upstream represents about 45 percent of its investment plans.

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