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Repsol Makes New Hydrocarbons Discovery in BM-S-48

Source: www.gulfoilandgas.com 5/11/2009, Location: South America

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Repsol has made a new gas and condensates find in the shallow waters of the Santos Basin offshore Brazil, This is third find this year in the Santos Basin, confirming the potential of the area and its strategic importance for the company.

Repsol is the operator of the exploration consortium with a 40% stake. Partners include Petrobras (35%), Vale (12.5%) and Woodside (12.5%).

The well, known as Panoramix, is in block BM-S-48, located 180 kilometres from the coast of Sao Paulo in water 170 metres deep in the Santos Basin. The production tests showed a maximum gas flow of 378,600 cubic metres/day and 1,570 bpd of condensate in sands at a depth of between 4,410 and 4,480 metres. The results of these tests indicate a possible maximum flow of 850,000 cubic metres/day of gas and 3,520 bbl/d of condensate.

The rights to Block BM-S-48 were obtained in the seventh licensing round carried out by Brazilís National Oil Agency (ANP) in 2005.

In April of this year, Repsol confirmed to the Brazilian authorities the economic viability of its Piracuca discovery, made in January in shallow waters of the Santos Basin, in Block BM-S-7. At the same time, the company confirmed a discovery in the Iguaz? well in deep water of the Santos Basin, in Block BM-S-9.

The development of the Santos Basin in Brazil is one of the ten key projects included in Repsolís 2008-2012 Strategic Plan. The areaís great exploratory potential has made it one of the companyís main growth areas.

Repsol is the largest foreign owner of exploration rights in the Santos, Campos and Espirito Santo basins, participating in 24 blocks of which it operates eleven. Repsol is, together with Petrobras, leading the way in exploring the Santos Basin, where 19 of these blocks are located.

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