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Repsols Antonio Brufau meets Ollanta Humala in Lima

Press Release 14/10/2011 20:03
  • The company has reached an agreement with US oil company SandRidge to buy oil and gas-producing acreage in the United States.
  • Repsol will participate with a 16% stake in the area known as Original Mississippian and a 25% stake in the Mississippian Extension, both of which are producing areas in Oklahoma and Kansas.
  • Repsol acquires a total acreage of 1,500 km² (363,636 acres).
  • Repsol will invest $1 billion, made up of an initial payment of $250 million. The remainder will be paid over approximately three years.
  • Repsol will incorporate reserves and production from 2012.
  • The companies will drill more than 200 horizontal wells in 2012 and aim to reach 1,000 wells in 2014.
  • The Mississippian Lime play has a long production history and proven resources of light oil and gas.
  • The area has extensive infrastructure that will allow production and sale of hydrocarbons to start in a short time span.
  • The deal is part of Repsol’s strategy to diversify its portfolio into OECD countries.
  • Repsol recently announced a vast non-conventional find in the Vaca Muerta formation in Argentina.   

14 October 2011 - 00:00 CEST | PDF | 22.23 KB