Repsol wins rights to explore for oil and gas offshore Canada

Nov 19, 2008 01:00 AM

Repsol successfully bid for exploration rights in Canada's Newfoundland and Labrador Offshore Area, allowing the company to press ahead with its plans to increase oil and gas finds and production in OECD countries.
Repsol successfully bid for three blocks, two in the Central Ridge/Flemish Pass and one in the Jeanne d'Arc Basin. The company is partnered by Husky Oil and Petro-Canada in the winning bids.

Over the period of the 2008-2012 strategic plan, Repsol aims to spend 9.3 bn on its upstream business, of which EUR 4.8 bn will be spent on identifying and developing new exploratory areas.
This year, Repsol has brought online new production from the strategic areas of Gulf of Mexico, Libya and Peru, adding to its reserves and output.

Blocks bid for:

-- Central Ridge/Flemish Pass

Block 1 (138,200 ha)
Repsol (20 %), Husky Oil Operations (40 %), Petro-Canada (40 %)
Winning bid: $ 18,600,000.

Block 2 (134,227 ha)
Repsol (33 %), Husky Oil Operations (67 %)
Winning bid: $ 1,188,000.

-- Jeanne d'Arc Basin

Block 2 (121,348 ha)
Repsol (33 %), Husky Oil Operations (67 %)
Winning bid: $ 9,480,000.

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