Repsol YPF has begun the production of gas-condensate from the Quiriquire field, located in Monagas State, Venezuela. In February of 2001, Repsol YPF signed an agreement with PDVSA to produce gas from Quiriquire, which was already producing 13,000 barrels per day of oil. The reserves from Quiriquire are estimated to be approximately 145 million boe. The first phase of the development consists of the repair and improvement of the existing wells, the modification of the separation and compression plant, and the construction of a 26 km pipeline to the PDVSA facilities in Orocual. Initial gas production will be 2.1 million cubic meters per day, however it is estimated to reach 7.6 million cubic meters cubic per day by the year 2002 when development is completed. The start of the production from this field is an important step in Repsol’s strategy of increasing its production in Venezuela. Repsol YPF operates the Quiriquire, Quiamare, La Ceiba, Mene Large and Guárico fields in Venezuela which currently produce 37,000 b/d to which 45,000 b/d will be added from the Quiriquire gas project when it reaches full output.
Repsol YPF was recently awarded three exploration licenses for Yucal North Pleasure, Yucal South Pleasure and Barrancas. The first two have proven reserves of gas. These new blocks are located in the Guárico and Barinas states, respectively.