Repsol YPF makes a new oil discovery in the mediterranean sea

abarrelfullabarrelfull wrote on 19 Aug 2014 07:30

23 November 2000

Repsol-YPF has made a new oil discovery in the Mediterranean Sea, some 48 km off-shore from Tarragona, near the Casablanca rig.

The discovery was made by the "Barracuda-1" discovery well, which has produced a flow of up to 4,000 barrels per day of 32º API crude.

The investment consortium comprises Repsol YPF, operator with a 48.2% stake, LOCS Oil Company of Spain S.A., with 24.03%, the Canadian company CNWL Oil (España) S.A. (affiliate of Sherritt International Corporation), with 18.38%, and CIEPSA (affiliate of CEPSA), with 9.39%.

Production at the Barracuda field will start immediately using the Casablanca rig facilities and the pipeline connecting this rig to the Repsol YPF refinery at Tarragona.

At present, the Casablanca rig produces 4,000 barrels per day from the Casablanca, Rodaballo and Boquerón fields, and this production will increase to 15 - 20 thousand barrels per day when the Barracuda and the Chipiron finds go on stream.

The Chipirón field was discovered last year and production is expected to start in mid 2001, under a consortium comprising Repsol YPF (98% and operator) and LOCS Oil Company of Spain S.A. (2%).

The "Actinia" drilling rig is currently engaged in developing this Chipirón field, and once this work has been completed, will drill at least three new discovery wells in the Spanish Mediterranean Sea.

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