First meeting at the highest level in Madrid

Su Shulin and Antonio Brufau discuss future cooperation between Repsol and Sinopec

Press Release 04/01/2011 00:00
  • The company confirms the existence of significant volumes of non-conventional hydrocarbons in the Loma la Lata area, where Repsol YPF has rights to 12,000 km2.
  • Exploration in an area of 428 km2 yielded 927 million barrels of oil equivalent in recoverable resources, 741 million of which are oil.
  • This volume is similar to the existing reserves of YPF.
  • Further exploration in an area of 502 km2 shows the potential for large volumes of high quality hydrocarbons.
  • The find is located in the Argentinean Neuquén province in the Vaca Muerta formation, with an extension of 30,000 km2, of which YPF owns rights to 12,000 km2.
  • Wood Mackenzie has identified Vaca Muerta as one of the world’s best shale plays, describing it as “excellent.”
  • These resources will transform the energy potential of Argentina and South America, boasting one of the world’s most significant accumulations of non-conventional resources. 

04 January 2010 - 00:00 CET | PDF | 25.70 KB

Repsol Chairman Antonio Brufau and Sinopec Chairman Su Shulin today in Madrid presided over the first joint meeting at the top corporate level between both companies following the agreements reached in Brazil.

At the meeting, both chairmen agreed to create working groups to analyse new business opportunities worldwide.

Both Brufau and Shulin expressed their desire that the Repsol-Sinopec alliance goes beyond the agreement in Brazil.

Quotes by Antonio Brufau and Su Shulin

Antonio Brufau: “There are significant synergies between Repsol and Sinopec, and the relationship between both companies is ideal to continue reinforcing our alliance worldwide in new business areas.”

Su Shulin: “The successful co-operation between Sinopec and Repsol reflects the shared desire of both companies to start a long-term and extensive partnership. We are committed to making every effort to consolidate and develop this relationship with Repsol in the future.”