Repsol-YPF to boost gas production in Venezuela

Dec 21, 2004 01:00 AM

Repsol-YPF has reached an agreement with the Venezuelan Ministry of Energy and Mines and Petroleos de Venezuela (PdVSA) to increase natural gas production at the Quiriquire block, in the state of Monagas, by 20,000 bpd of oil equivalent, and which represents 20 % of its total hydrocarbon production in that country.
This agreement -- signed by Repsol-YPF's COO Ramon Blanco and the Minister of Energy and Mines and chairman of PdVSA, Rafael Ramirez, in the presence of Venezuela's president Hugo Chavez -- will allow Repsol-YPF to increase natural gas production to 350 mm cfpd (62,000 bpd), up from the current 240 mm cf (42,700 bpd), and to which a further 17,700 bpd of crude and condensate must be added.

The Quiriquire block, covering an area of 802 sq km, is operated by Repsol-YPF under a contract signed in 1994, during the Second Round of Operating Concessions. Production at the block is currently 16,300 barrels of oil and condensate per day and 280 mm cfpd (7.9 mm cmpd) of natural gas.
Investments are forecasted at $ 100 mm in Quiriquire for the period 2005 to 2013, mainly in work on wells, geophysical studies of the fields, enhancement of facilities for the handling, processing and transport of oil and gas, and environmental and social development work. Estimated production is 724 bn cf (20 bn cm) of natural gas and 24.55 mm barrels of oil and condensate.

As a result of this agreement, Repsol-YPF is contributing to gas development in east Venezuela and strengthens its position as the leading private oil and gas producer in that country.
Repsol-YPF current production in Venezuela, corresponding to its Quiriquire, Mene Grande, Quiamare -- La Ceiba and Guarico Occidental blocks, is around 100,000 boepd.

Source: AP
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