Repsol Sees 1.25 Billion Barrels of Oil in Brazil Ocean Area
Repsol Y
PF SA (REP) said an area off the coast of Brazil it’s exploring with partner China Petroleum (386) and Chemical Corp. contains the equivalent of at least 1.25 billion barrels of oil.
The BM-C-33 block of the Campos Basin, where the Repsol Sinopec venture has already drilled three wells, contains at least 700 million barrels of light crude and 3 trillion cubic feet of gas, Repsol said in a filing today. Repsol’s stake in the block is 21 percent. Sinopec, as the Chinese company is known, has 14 percent, Statoil ASA (STL) has 35 percent and Petroleo Brasileiro SA (PETR4) has 30 percent.
Repsol has discovered 14 new deposits of oil and gas in Brazilian territory since 2008 as it ramped up exploration work to reverse a decline in reserves. The company’s first Brazilian well, Guara, is due to start pumping next year and output will peak at as much as 270,000 barrels a day.
“Brazilian offshore is one of the areas with the highest hydrocarbon reserves growth in the world,” Repsol said today.
