Repsol Confirms Big Gas Find In Venezuela
12 September 2009 - 2:58AM
Dow Jones News
Spanish energy company Repsol YPF SA (REP) has made a
significant gas find in Venezuela, a company official confirmed
Friday.
Repsol, in an exploration partnership with Italy's Eni SPA (E),
estimates the offshore Gulf of Venezuela reserves could hold
between 7 and 8 trillion cubic feet, the company spokesman
said.
"All tests point to this being correct," the spokesman said.
"But we need to complete tests to determine the exact size of the
field," he said, adding this could take several weeks.
Earlier Friday, Spain's leading daily El Pais quoted Venezuelan
President Hugo Chavez as saying Repsol has made its largest gas
reserves discovery in Venezuela. Chavez was also quoted 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, met 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-oil
company Petroleos de Venezuela SA would get a 35% stake.
The find takes place after Brazilian state-run oil company
Petroleo Brasileiro SA (PBR), or Petrobras, confirmed it found an
estimated 1.1 billion to 2 billion barrels of oil equivalent in
reserves at a block where Repsol holds 25% a stake.
Company web site: www.repsol.com
-By Bernd Radowitz and Santiago Perez, Dow Jones Newswires,
+34-618 526 915. djmadrid@dowjones.com