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Repsol makes finds in Gulf of Mexico, Libya

Repsol is in two consortiums which have made new hydrocarbon strikes in the Gulf of Mexico and Libya, an industry source said on Thursday.

 

The new strikes were presented by Chairman Antoni Brufau on Wednesday to the board of Repsol, which is awaiting conclusive reserve estimates before it makes a formal announcement, the source said, without specifying whether the strikes were oil or gas.

The discovery in the Gulf of Mexico, where Repsol started production in 2008 of light sweet crude from a separate strike, is in an ultra-deep offshore field, the source said.

All of Repsol's previous finds in Libya have been of oil, most of which is also of the easily extracted, low-sulfur variety.

Brufau presented two strikes in promising regions to Repsol's board on Wednesday, the chairman told journalists at an event on the same day, and said on Thursday at a seminar that one of them is 9 kilometers below the earth's surface.

Repsol is trying to expand its upstream production away from Argentina, whose shrinking reserves still provide it with over two-thirds of its production, and into new areas such as Brazil, North Africa and the Gulf of Mexico.

The company agreed with Libya's national oil company to extend its concessions covering two blocks with estimated reserves of 765 million barrels in the country to 2032. (Reuters)