19-01-09 Spanish oil company Repsol-YPF plans to spend EUR 500 mm from 2008 to 2012 to develop the Carioca find in Brazil's pre-salt oil region, the company said in a presentation to fixed income investors.
Repsol has a 25 % stake in the Santos Basin BM-S-9 block that contains the Carioca find. Brazil's state-run oil firm Petroleo Brasileiro (Petrobras) holds a 45 % operating stake in the block, while BG Group holds 30 %.

The consortium hasn't made an official reserve estimate for Carioca yet, but the head of Brazil's petroleum agency in April said the find could contain 33 bn barrels of oil equivalent, possibly making it one of the biggest oil finds ever.
Repsol in its 2008 to 2012 capital expenditure plan in total has earmarked EUR 12.3 bn in investments in key growth projects in its upstream, downstream and liquefied natural gas areas.

As a consequence of the economic downturn, however, Repsol warned that it is revisiting projects and investments.
The company also said that on Dec. 31, its gross debt excluding debt from its holding in Gas Natural reached EUR 6.23 bn.