Repsol-YPF acquires BP Amoco's participation in two oil fields

Jul 14, 2000 02:00 AM

Spanish Repsol-YPF is buying BP Amoco's participation in two oil fields. BP Amoco recently sold its Pedernales field after disappointing results despite the investment of millions of dollars.
Repsol will acquire the 45 % interest it does not have in the Quiriquire field. The field was producing approximately 6,000 bpd of oil. BP is also getting out of its 75 % interest in the Guarapiche exploration property. Repsol has the other 25 %.
BP Amoco and Repsol paid PDVSA a bonus of $ 108.98 mm and offered a 50 % share in the profits to PDVSA to win the right to explore the area for oil. Two costly wells drilled in 1998 came up dry.

Source: Bridge News via Newspage
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