Repsol

Equivalent to between two and four years of Spain’s oil and gas demand

Repsol estimates Brazil's Guara field has reserves of between 1.1 billion and 2 billion barrels of oil and gas

Press Release

9 September 2009 09:00 CET

Repsol and partners Petrobras and BG Group have completed initial production tests in the Guara well, in Brazil’s Santos Basin, and estimate recoverable volumes of light crude and gas at between 1.1 billion and 2 billion barrels of oil equivalent.

The well is in deepwater block BM-S-9 in the Santos Basin, about 310 kilometres from the coast of Sao Paulo and adjacent to the Carioca field and Tupi well. The field was discovered in June 2008. 

Initial production tests indicated that each well has a potential to produce tens of thousands of barrels of oil equivalent a day.

Due to the field’s potential, the consortium will install a Floating Production, Storage and Offloading vessel (FPSO) to produce 120,000 boe/d, which would make it the second producing field in the Santos Basin.

The consortium made up of Repsol (25%) Petrobras (operator, 45% stake) and BG Group (30%) will continue to carry out the work and investment, including a new well, that will allow a more exact evaluation of the area. 

Repsol’s recent discovery of hydrocarbons traces in the Vampira well, and the discoveries made in the first half of the year in Panoramix, Piracuca and Iguazu followed from the finds made in the Carioca and Guara fields to consolidate Brazil’s offshore as one of the world’s largest source of new hydrocarbons reserves.

On September 1st the Brazilian government presented a proposal for the development of the pre-salt area which guarantees the investments planned by oil companies as it maintains the existing conditions of the areas already tendered.  

The new plan will regulate the conditions applicable in the tenders that are carried out after the law comes into effect following approval by the authorities. A significant part of the benefits generated by the pre-salt deposits will be channelled to a fund for education, social action, science, technology, environment and culture.
 
During 2009 Repsol has reported 12 oil and gas discoveries amongst which are some of the biggest finds made worldwide. The exploratory success of 2009 comes after an extraordinary campaign in 2008, when Repsol took part in three of the world’s five largest discoveries.

The discoveries of the last few years represent significant contingent resources which will guarantee the growth in reserves and production in the coming years.  

Click here for more information on the Guara discovery reported on June 13th, 2008