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Repsol Starts Oil Production in Buckskin

Source: www.gulfoilandgas.com 6/25/2019, Location: North America

Repsol and LLOG Exploration Offshore today announced the start of oil production at Buckskin, a deep-water deposit in the US Gulf of Mexico, in the Keathley Canyon area, months ahead of schedule and at a cost reduction of 60% compared to the original development project.

This milestone is a demonstration of the success of the efficiency measures adopted by Repsol in its Upstream area, which are based on a combination of cutting-edge technology in hydrocarbon exploration and production projects, financial discipline and greater standardization of processes and capture of synergies with its partners, which is allowing to create long-term value in a scenario of volatility of oil and gas prices.

In this initial phase of production Buckskin will reach a production of 30,000 barrels of oil per day. Repsol discovered the deposit in 2009 through an exploratory survey that reached 8,763 meters deep and became one of the deepest completed by the company to date.

Repsol participates with 22.5% in the consortium, led by LLOG Exploration Offshore, which is the operator and controls 33.8% of the project. The deposit is also participated by Beacon Offshore Energy Buckskin LLC (18.7%), Navitas Buckskin US, LLC (7.5%) and two entities managed by the Ridgewood Energy Corporation (17.5%).

Buckskin covers blocks 785, 828, 829, 830, 871 and 872 of Keathley Canyon, and is located in a sheet of water just over 2,000 meters deep, in the US Gulf of Mexico, one of the most profitable areas and of the world's greatest potential.

In this prolific area, Repsol shares other assets with LLOG. Both companies recently signed an agreement that will allow to accelerate the plans and optimize the economic metrics of other projects. As of this agreement, Repsol has acquired 30% of Moccasin, while LLOG has become the operator of Leon, where a delineation survey is planned to be conducted in the second half of the year, which will allow a better evaluation of this 2014 discovery.

Repsol has been expanding its presence in the US Gulf of Mexico since it began operating in the area in 2007. The area has a high hydrocarbon potential, existing infrastructures and an environment of regulatory stability and high safety standards.

The company has been present in the United States since 2006. At December 31, 2018, Repsol had a workforce of 559 workers in the country and had mining rights over a total net area of ??3,111 km 2 . Net production at the end of last year reached 113,539 barrels of oil equivalent per day on average in the United States, while net proved reserves stood at 419.2 million barrels of oil equivalent.

The Upstream area of Repsol is present in 25 countries, in which the company produced in 2018 an average of 715,000 barrels of oil equivalent per day.

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