On October 16, 2009
Repsol: Lots of Nat Gas — And Some Crude — Offshore Venezuela
Repsol YPF keeps racking up major oil and gas finds. Their latest has turned out to be the biggest natural gas discovery in Venezuela’s history and the fifth-largest in the world in 2009. The Spanish oil company — along with partner Eni — confirmed Friday tests of its Perla 1X well offshore Venezuela indicated up to 1.4 billion barrels of oil equivalent. That means up to 7.7 trillion cubic feet of gas, enough to fulfil Spain’s gas demand for five years, the company said. During production tests, the well — located in the Cardon IV field — also flowed 620 barrels of oil per day, with the flow rate constrained by rig equipment restrictions, according to Repsol. The presence of crude may help speed…
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