UPDATE: Repsol Confirms Big Gas Find In Venezuela
11 Setembro 2009 - 2:47PM
Dow Jones News
Spanish energy company Repsol YPF SA (REP) said Friday it has
made a giant gas discovery in shallow waters of the Gulf of
Venezuela that may hold reserves equal to more than five years of
gas consumption in Spain.
Repsol, in an exploration partnership with Italy's Eni SPA (E),
estimates the offshore Perla 1 well could hold between 7 and 8
trillion cubic feet, representing one of the largest discoveries in
the world and the largest on record for Repsol.
The offshore field is 60 meters deep and could have a surface of
33 square kilometers, Repsol said in a press release.
"But we need to complete tests to determine the exact size of
the field," said a company spokesman, adding this could take
several weeks.
Earlier Friday, Spain's leading daily El Pais newspaper quoted
Venezuelan President Hugo Chavez as saying that of the volume
found, some 1.5 to 2 trillion cubic feet could be recoverable.
Repsol couldn't immediately confirm that figure.
Chavez, who is in Madrid, held an informal meeting with Repsol
Chairman Antonio Brufau earlier Friday.
In the case of future production, Repsol's and Eni's respective
stakes would be reduced to 32.5% each, while Venezuela's
state-owned oil company Petroleos de Venezuela SA would get a 35%
stake.
The find comes after Brazilian state-run oil company Petroleo
Brasileiro SA (PBR), or Petrobras, said earlier this week its
offshore Guara field, in which Repsol holds 25%, has estimated
recoverable reserves of 1.1 billion to 2 billion barrels of oil
equivalent.
Company web site: www.repsol.com
-By Bernd Radowitz and Santiago Perez, Dow Jones Newswires,
+34-618 526 915. djmadrid@dowjones.com