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

Brazzil Magazine covers

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:

You May Also Like

Brazzil Magazine covers

Brazil Gets Record Sugarcane Crop, a 14% Growth

Brazil's sugarcane crop grew 13.9% this year, with record production of 571.4 million tons. ...

Brazzil Magazine covers

Record Crop to Boost Brazil’s Sugar Exports by 17%

The record sugarcane crop that Brazil should pick this year opens perspectives for greater ...

Brazzil Magazine covers

In Brazil, Finding a Replacement for the Agonizing Democracy

In the Brazilian magazine Caros Amigos (Dear Friends), one of the last bastions of ...

Brazzil Magazine covers

Disappointing Economic Data Chill Brazilian Stocks

Latin American shares fell on concerns that the U.S. Federal Reserve may continue to ...

Brazzil Magazine covers

Microfinance Program Started in Brazil Gets US$ 5.8 Million from Gates Foundation

Accion International, a leader in global microfinance, which started its pioneer work in Brazil  ...

Brazzil Magazine covers

Brazil’s Finance Minister on US Debt: ‘Not Finding a Solution Is Madness’

While participating at the 38th assembly of the Economic and Social Development Council (“CDES”), ...