Repsol posted O&G production of 324,348 boepd, down 7.4% over Q1 2010 production of 350,000 boepd. This is mainly due to conflicts in Libya, moratorium in GoM production and maintenance turnarounds in Trinidad & Tobago. However, these factors were partially offset by higher output from Peru, driven by demand and the LNG plant, and by the new contract that came into force in Ecuador.
In Libya, Repsol produced 27,000 boepd for Q1 2011, over 43,000 boepd in Q1 2010. Production is completely interrupted from March 2011. Second, the negative impact of production moratorium in GoM. Repsol face a drop of 8,000 boepd versus Q1 2010. Third, maintenance turnarounds in Trinidad & Tobago meant that production was 11,000 barrels per day lower than last year.
Exploration Activities in the Quarter:
Repsol invested €302 million (US$ 426 million) in first quarter 2011. Of this, €252 million (US$ 355.6 million) were spent in Exploration and Production and 85% of this sum was in development projects.
The company currently drilling five exploratory wells; two in the Brazilian Santos 44 block, Itaborai and Tingua; one in Campos 33 block, Gavea; one in Bolivia, Sararenda; and one in the US onshore, Garden Island Bay 1. The company is forging ahead with the appraisal well drilling campaign in Peru with Kinteroni 3 and in Venezuela with Perla 5.
Repsol recently farm-in into 164 blocks at Alaska prolific North Slope. The blocks are close to existing producing fields and cover an area of 2,000 square kilometers.
Source: Derrick Petroleum Planned Exploration Wells Database
PARTIAL DIVESTMENT of YPF:
After the sale of a total 4.2% stake of YPF during the last quarter of 2010, Repsol in March carried out a public offering for 7.7% of that company’s stock and other sales totaling 3.83% of YPF.In May 2011, Grupo Petersen informed Repsol of its decision to exercise its option to buy 10% of the capital of YPF almost a year in advance of the option’s February 2012 expiration.