Repsol YPF 3rd
Largest Oil Producer in Brazil 2006
Repsol YPF 6/6/2006
Repsol YPF and the state-owned Brazilian oil company, Petrobras, have
started production at the country's largest offshore floating platform,
thus making the Spanish company the third largest oil producer in
Brazil.
The Albacora-Leste field will have a production capacity of 180,000
bpd, and its development required an investment of nearly $2 billion.
The P-50 Albacora-Leste platform, in which Repsol YPF holds a 10%
stake, is in the Campos Basin, in the state of Rio de Janeiro, anchored
to the seabed at a depth of 1,240 meters and 120 km from the coast.
This project for 16 producing wells and 14 injection wells (all
horizontal) has a compression capacity for 6 million m3 per day of gas,
allows Brazil to be self-sufficient in oil.
Total certified reserves at the Albacora-Leste field are 534 million
barrels of oil and 183 billion standard cubic feet (32.6 million boe)
of gas, of which 409 million boe (barrels of oil equivalent) are
proven. Net reserves for Repsol YPF in this project amount to 40.9
million boe.
P-50 Albacora-Leste is one of the most modern and complex production
units in the world, and uses cutting edge technology which has made the
project simpler, improved efficiency and considerably reduced costs.
Antonio Brufau, Chairman and CEO of Repsol YPF, stated that the
start-up of this floating platform, the largest in Brazil and among the
largest in the world, "is fruit of the extraordinary understanding with
the Brazilian authorities and Petrobras, and forms part of Repsol YPF's
strategy to associate with the state companies owning the reserves in
the countries where we operate."
"Repsol YPF is one of the companies leading the way in the process of
opening up the oil sector in Brazil," Brufau said, adding "Our
participation in this great project responds to the company's policy of
geographical diversification in the exploration and production of
hydrocarbons in its upstream activities."
Repsol YPF in Brazil
Repsol YPF has been operating in Brazil since 1997, and is today that
country's third largest oil producer, ranks second in refining
capacity, and is the only integrated oil company throughout the oil
chain, apart from the state-owned Petrobras.
Repsol YPF conducts exploration and production activities in Brazil, at
25 blocks in the offshore Santos, Campos and Espírito Santo
basins. In refining, we have a refining capacity of 54 thousand barrels
per day and hold a 30% stake in the REFAP and Manguinhos refineries.
The company also has a network of 320 service stations in the country;
operations in lubricants, asphalt and specialties; and sells natural
gas and LPG to nearly 700,000 customers.
|
