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Repsols Antonio Brufau meets Ollanta Humala in Lima

Press Release 14/10/2011 20:03
  • The company has reached an agreement with US oil company SandRidge to buy oil and gas-producing acreage in the United States.
  • Repsol will participate with a 16% stake in the area known as Original Mississippian and a 25% stake in the Mississippian Extension, both of which are producing areas in Oklahoma and Kansas.
  • Repsol acquires a total acreage of 1,500 km² (363,636 acres).
  • Repsol will invest $1 billion, made up of an initial payment of $250 million. The remainder will be paid over approximately three years.
  • Repsol will incorporate reserves and production from 2012.
  • The companies will drill more than 200 horizontal wells in 2012 and aim to reach 1,000 wells in 2014.
  • The Mississippian Lime play has a long production history and proven resources of light oil and gas.
  • The area has extensive infrastructure that will allow production and sale of hydrocarbons to start in a short time span.
  • The deal is part of Repsol’s strategy to diversify its portfolio into OECD countries.
  • Repsol recently announced a vast non-conventional find in the Vaca Muerta formation in Argentina.   

14 October 2011 - 00:00 CEST | PDF | 22.89 KB

Repsol’s Executive Chairman Antonio Brufau yesterday met Peruvian President Ollanta Humala to discuss Peru’s development plans and outlook and Repsol’s growth projects in that country.

Following the meeting, which lasted almost four hours, the Chairman reaffirmed Repsol’s commitment to the development and progression of Peru, where the company expects to invest between $2.5 billion and $3 billion in the coming five years in exploration and production and the improvement of the Pampilla refinery amongst other projects. During the meeting both stressed the importance of developing a basic gas distribution infrastructure to bring the fuel to the south of the country in a short time, a model similar to that implemented in Spain.

Repsol has been working in Peru for more than 50 years in exploration for oil and gas and the distribution and sale of oil products, and is considered one of the country’s most significant companies in terms of revenue and in fiscal contributions.

Antonio Brufau, Salomón Lerner y Ollanta Humala.