• Categories
  • Archives

Spain’s Repsol-YPF Joins Petrobras to Explore Offshore Oil in Brazil

Spain’s Repsol-YPF and Petrobras have jointly begun offshore production in Brazil with the country’s largest and most sophisticated oil rig.

According to a release from Madrid. the Spanish company joint operation in the Albacora-Leste area makes her the third oil producer in Brazil.

Oil rig P-50 Albacora-Leste, belongs 10% to Repsol-YPF and is located in 1.240 meters deep water, 120 kilometers offshore Rio do Janeiro in the Campos Basin, Brazil’s richest proven deposits.

The development of the Albacora-Leste basin has demanded almost US$ 2 billion and when in full production will be extracting 180.000 barrels per day.

Petrobras has plans for 16 producing wells and 14 injected ones in the area.

The Albacora-Leste basin has 534 million barrels of oil and the equivalent of 32.6 million barrels of natural gas, of which 409 million barrels are proven reserves. Repsol-YPF owns 10% of that total equivalent to 40.9 million barrels.

According to the Spanish company’s CEO, Antonio Brufau. the enterprise "is part of Repsol-YPF’s strategy to associate with government owned oil corporations that own the hydrocarbons reserves of the country" and in this particular case is "the result of an extraordinary understanding with Brazilian officials and Petrobras".

Brufau added that sharing in such a significant project is in line with company’s policy "to geographically diversify hydrocarbons exploration and production".

Repsol-YPF has been in Brazil since 1997 and has become the country’s third largest oil producer; second in refining capacity and the only corporation fully integrated from the oil extraction to marketing process together with Petrobras.

The Spanish company currently has exploration and production activities in the maritime basins of Santos, Campos and Espí­rito Santo.

Refining capacity is 54.000 bpd, with a 30% participation in the refineries of REFAP and Manguinhos, plus 320 gasoline stations. The company also in involved in lubricants, asphalt and the liquid gas market.

Mercopress – www.mercopress.com

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Brazilian Government Says Family Grant Program is Huge Success

According to the Brazilian government numbers, around 85% of the people served by the ...

100 Days of Lula and No Cardoso

Former President Fernando Henrique Cardoso treated the audience, which had paid a lot of ...

Au Naturel Bodies

American photographer Spencer Tunick talked about his disappointment with the small number of women ...

Strong Real and High Interest Rates Harm Brazil’s Car Production

Brazilian auto output and sales slumped in October, as high interest rates and a ...

Despite Infrastructure Woes Brazil’s Economy Is World’s 12th

A Gross Domestic Product (GDP) of US$ 729.6 billion, the 12th position in the ...

Brazil May Miss Export Target Due to Heavy Rains and Low Oil Prices

Brazil may not reach its US$ 202 billion export target for this year due ...

World’s Love for Coffee Feeds Brazil’s Realcafí©

The Brazilian soluble coffee factory Realcafé, from the state of EspÀ­rito Santo, in the ...

The Invisible Ink, Made in Brazil

A colorless, odorless, quick-drying ink that is fluorescent only in the presence of ultraviolet ...

Brazil President’s Mandate Is Now in the Hands of the Senate

Brazil’s Chamber of Deputies approved the admissibility of President Dilma Rousseff’s impeachment request. With ...

Brazil, a Global Deadbeat

This is not a new story. Brazil has been here before. International organizations in ...