Wednesday, May 27, 2009

Repsol Find Natural Gas in Brazil - Again!

MADRID – Spain’s Repsol YPF said on Monday it found natural gas and gas condensate in Brazil’s offshore Santos basin, making it the Spanish firm’s third hydrocarbons find in the area this year.

The find was made by the consortium that includes Repsol, which has a 40 percent stake and is the operating company, Brazilian state oil company Petrobras, with a 35 percent interest, mining giant Vale, with a 12.5 percent stake, and Woodside, which also has a 12.5 percent interest.

The well, called Panoramix, is located in area BM-S-48, some 180 kilometers (112 miles) off the coast of Sao Paulo state, at a depth of 170 meters (557 feet), Repsol said.

Tests found the well’s maximum gas flow to be 378,600 cubic meters per day, with 1,570 barrels per day of condensate at depths between 4,410 meters (14,459 feet) and 4,480 meters (14,688 feet).

Repsol YPF confirmed the commercial viability last month to Brazilian authorities of the Piracuca field, which was found in January in block BM-S-7, in shallow waters in the Santos basin.

The company also confirmed the discovery of the Iguazu well in block BM-S-9 in the deepwater Santos basin.

The Santos Basin projects are one of the 10 key points in the 2008-2012 Strategic Plan, offering great potential and making it a major growth area, the Spanish oil company said.

Repsol YPF, which has announced more than 10 finds so far this year, is the leading foreign company in offshore oil and gas exploration in Brazil, with interests in 24 blocks, including 11 in which it is the operating company. EFE

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