25 Feb 2010 - by PreSalt.com - Source: Repsol
During 2009, Repsol had an unprecedented success in its exploration campaign, reporting a record 15 oil and gas discoveries. Amongst these, Abare West in Brasil, Buckskin in the United States and Perla 1X in Venezuela are amongst the top ten offshore finds in the world in 2009, including Repsol’s biggest-ever gas discovery.In the second half of 2009 Repsol made new oil and gas discoveries in the pre-salt (subsalt) BM-S-9 block in Brazil’s deep water Santos Basin in the Abare West well, also among the top ten offshore finds in the world in 2009, adding to the Vampira, Panoramix, Piracuca and Iguazu discoveries announced in the first half of the year.
Also in Brazil, Repsol confirmed the significant potential of the Guara (BM-S-9 block) well after initial production tests, resulted in an estimate of recoverable volumes of light crude and gas of between 1.1 billion and 2 billion barrels of oil equivalent. Due to the field’s potential, the consortium will install a Floating Production, Storage and Offloading vessel (FPSO) to produce 120,000 boe/d, which would make it the second producing field in the Santos Basin. Guara is a Consortium between Petrobras is a operator with 45% (Bovespa: PETR3/PETR4, NYSE: PBR / PBRA, Latibex: XPBR / XPBRA, BCBA: APBR / APBRA), BG Group (LON:BG, OTC:BRGYY, PINK:BRGYY, PINK:BRGXF) (30%) and Repsol YPF (MCE:REP, NYSE:REP, LI:OJGE, PINK:REPYP, ETR:REPA,NYSE:REP-A, ETR:REP, FRA:REPA, FRA:REP) (25%)
Repsol last year carried the most successful exploratory campaign of its history. Of the company’s 15 reported discoveries, Abare West in Brazil, Buckskin in the United States and Perla 1X in Venezuela are amongst the top ten offshore finds in the world in 2009
Repsol’s reserve replacement ratio increased to 94% from 65 % in 2008, a result of discoveries made during previous years. During 2010, Repsol expects the upstream reserves replacement ratio to exceed 100%.
In spite of the difficult financial environment, upstream investments totalled 1.122 billion euros. This is in line with the spending of the previous year, which aims to guarantee the company’s future.
Of total investments, 42% was spent on developing fields in the United States (41%), Trinidad and Tobago (22%) and Libya (10%). Investments in exploration represented 48% of the total, and were mostly dedicated to Brazil (33%), Spain (18%), United States (16%) and Algeria (14%).
RECORD DISCOVERIES
During 2009, Repsol had an unprecedented success in its exploration campaign, reporting a record 15 oil and gas discoveries. Amongst these, Abare West in Brasil, Buckskin in the United States and Perla 1X in Venezuela are amongst the top ten offshore finds in the world in 2009, including Repsol’s biggest-ever gas discovery.
In the second half of 2009 Repsol made new oil and gas discoveries in the BM-S-9 block in Brazil’s deep water Santos Basin in the Abare West well, also among the top ten offshore finds in the world in 2009, adding to the Vampira, Panoramix, Piracuca and Iguazu discoveries announced in the first half of the year.
Also in Brazil, Repsol confirmed the significant potential of the Guara well after initial production tests, resulted in an estimate of recoverable volumes of light crude and gas of between 1.1 billion and 2 billion barrels of oil equivalent. Due to the field’s potential, the consortium will install a Floating Production, Storage and Offloading vessel (FPSO) to produce 120,000 boe/d, which would make it the second producing field in the Santos Basin.
In Venezuela, Repsol has confirmed its biggest ever gas discovery. The field is estimated to contain recoverable gas volumes of between 1 and 1.4 billion barrels of oil equivalent. Perla 1X is also one of the world’s top ten offshore finds in 2009.
In the Gulf of Mexico (Unites States), the company made a new find in the Buckskin well, also in the world top ten, in the first half of the year. This adds to the new finds in the Shenzi fields in the G109 and Shenzi-8 fields that indicate important oil resources. Oil production in the Shenzi field has beaten initial expectations by 20%.
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