Repsol YPF Wins Exploration Block Offshore Liberia

Repsol YPF has won the rights for the exploration and development of an exploration block in the territorial waters of Liberia, in the first tender run by the Liberian government ever to accept international bids.

The awarding of Block 16 is a further step in Repsol YPF's strategy to increase its presence in the region's totally unexplored deep waters, in blocks selected for their preferred interest as a result of regional studies made by the company in that area over the past three years.

Last summer, through direct negotiations with the Liberian government, Repsol YPF was awarded, the rights to Block 17, which is adjacent to Block 16. These two Liberian blocks are next to two other offshore blocks (Block 6 and Block 7) pertaining to Sierra Leone, for which Repsol YPF has a agreement with the Sierra Leone government. In 2004, 3D seismic confirmed the company's interest in the these two blocks.

Repsol YPF, operator of all the blocks, is partnered in the Sierra Leone blocks by the Australian oil company Woodside (50%), and is in talks with this oil company regarding the possibility of jointly exploring those awarded in Liberia.

Repsol YPF's initial plans include 400 Kms of 2D seismic and 1,600 Km2 of 3D seismic, within an initial exploration period of four years.