Repsol has made numerous, major discoveries in areas identified as priority, such as the United States, Russia, Brazil, Peru, Algeria and Colombia. This has allowed a portfolio of projects to be handled which show the organic growth of the company and the increase in production.
The more than 40 discoveries we have made since 2008, which include eight of the largest discoveries in the world, are a testament to Repsol's exploratory success.
275% reserve replacement ratio at year end 2013.
Repsol has achieved this exploration record through a firm commitment to three determining factors:
1. Talent. We have professionals of more than 40 different nationalities. Qualified personnel that specialise in a number of areas, which has enabled us to develop a team of excellence.
2. Cutting-edge technology. The use and development of cutting-edge technology has enabled us to explore geologically complex areas. Using 4D modelling techniques, we are at the forefront of exploration, facilitating the search for oil and gas.
3. Diversification. At Repsol we have developed a significant position in the most attractive basins, diversifying our geographical presence by entering new OECD countries with high potential.
Repsol Sinopec Brazil has made a big discovery in deep waters in the Campos basin, called Pão de Açúcar, where we have found hydrocarbons at two different levels with a column measuring a total of 480 metres, one of the tallest discovered in Brazil.
If the high expectations are confirmed, Pão de Açúcar will become the first large field operated by a foreign oil company in Brazil. This discovery sets a new landmark for the company in deep water drilling.
In this way, Repsol has consolidated its position as one of the leading energy companies in terms of exploration: In recent years, following an intense exploratory campaign, we have made significant discoveries, some of which have been considered among the largest in the world.