Repsol YPF invierte 130 millones de dólares en un campo de petróleo y gas en el Golfo de México

Press Release 30/06/2005 07:00
  • With reserves of between 100 million to 150 million boe
  • To enter production in 2007 and reinforces upstream growth strategy

Repsol YPF, via its subsidiary Maxus (US) Exploration, today announced it has approved capital expenditure of approximately US$130 million for its 15 percent share of the costs to develop the Neptune oil and gas field in the deepwater Gulf of Mexico (GoM).  The Neptune facility will have a design capacity to produce up to 50,000 barrels of oil and 50 million cubic feet of gas per day with gross costs for the development estimated at some US$850 million. 
The Neptune field is located in the deepwater GoM approximately 120 miles from the coast of Louisiana.  The field comprises Atwater Blocks 573, 574, 575, 617, and 618, and water depths here range from 4,200 feet to 6,500 feet.  The production facility will be located in approximately 4,250 feet of water.
Recoverable reserves at the Neptune field are estimated in a range from 100 million to 150 million boe.  A standalone, tension leg platform (TLP) has been selected for the development.  The proposed facilities, wells, and completions are proven designs that have been successfully implemented in the deepwater GoM.
First oil is expected by the end of calendar year 2007 with seven initial subsea wells tying back to the TLP.  The oil and gas will be exported to shore via the existing Caesar and Cleopatra trunk lines.
Maxus (US) Exploration, a subsidiary of Repsol YPF, entered the Neptune consortium in May 2003, participating in the drilling of the successful Neptune-5 appraisal well in July 2003.
The Neptune consortium is formed by Maxus (US) Exploration, a subsidiary of Repsol YPF (15 percent), BHP Billiton (designated operator, 35 percent), Marathon Oil Corp. (30 percent) and Woodside Energy (USA) Inc., a subsidiary of Woodside Petroleum Limited (20 percent).
The Neptune development by Maxus reinforces Repsol YPF growth strategy for the area, where it has an extensive exploration programme for the 5-years strategic plan recently presented to the financial community.