Repsol won the Commercial Technology of the Year award at the Platts Global Energy Awards for its Kaleidoscope seismic imaging project. The recognition follows Repsol’s naming in September as Energy Company of the Year Award by the Petroleum Economist magazine.
The awards ceremony attended by over 500 industry executives took place in New York. Repsol Chairman Antonio Brufau was also a finalist for CEO of the Year.
The Kaleidoscope Project, developed by Repsol in partnership with IBM, 3DGeo, Stanford University and the Barcelona Supercomputing Centre allows Repsol to generate sharper seismic imaging and to process them 15 times faster than with other technologies, shortening exploration times and increasing the chances of success when exploring thousands of metres underground.
The development and use of this technology has placed Repsol on the cutting edge of exploration in complex environments with significant potential, such as the Gulf of México and the Brazilian deep waters, helping the company’s exploratory success in both those areas during 2008 and 2009.
During 2009, Repsol had an unprecedented exploratory success, reporting a record 15 oil and gas discoveries, among which are Buckskin in the Gulf of Mexico and Perla in Venezuela, the largest discovery of its kind made worldwide during this year. These finds add to those of 2008, a year in which the company took part in 3 of the 5 largest discoveries in the world: Guara in Brazil, Huacaya in Bolivia and Kinteroni in Peru. All have contributed considerably to the company’s contingent hydrocarbon resources, which when developed will add to Repsol’s reserves.
Repsol’s bet on innovation and technology has made it a leader in deepwater exploration. The company has doubled its exploration unit workforce, and has contracted the Stena DrillMax latest generation exploration ship, one of only three worldwide which incorporates the most advances technology.
Since 2004, Repsol has increased its exploration activity, one of the main objectives in the 2008-2012 Strategic Plan. The company is also developing its liquefied natural gas business as well as consolidating its leadership in Spanish refining by modernising its refineries in Spain.
Platts Global Energy Awards
Platts, a leading provider of energy and commodities information, celebrates a yearly gala which receives more than 200 nominations from companies in over 30 countries. The awards are judged by a panel which includes OPEC ministers, energy company executives, and leading regulators and academics.