Repsol YPF Acquires Three Oil Fields and One Gas Field in Trinidad & Tobago

Repsol YPF has become one of the main producers of oil and gas in the Caribbean, in exercising a buy option for the purchase from BP of three oil fields and one gas field in Trinidad & Tobago, off the southeast coast of the island. The purchase price payable at completion is US $229 million.

With this transaction, Repsol YPF confirms its growth strategy in the Caribbean region as outlined in its 2005-2009 Strategic Plan. The purchase price is $229 million.

The Trinidad & Tobago State oil company, Petrotrin will purchase a 15% stake. The transaction is subject to the Government of Trinidad & Tobago (GORTT) approval and also to the GORTT option to purchase 15% in the fields either itself or via nominee(s).

Currently, oil fields produce 20,500 barrels of oil equivalent per day. Production facilities include three platforms, 10 drilling satellites and one compression satellite. The Onyx gas field is to be developed. The 3P risked reserves for the fields are estimated at 174 million barrels of oil equivalent. Investment in the oil fields and the development of the gas field will be around $500 million through 2025.

Repsol YPF currently produces in Trinidad & Tobago through its 30% participation in BPTT, 120,000 barrels of oil equivalent per day. It also has a 20% stake in train one, and 25% in trains two and three at the Atlantic LNG gas liquefying plant. In the fourth quarter of 2005 the fourth train, with the largest capacity in the world, is scheduled to start up, and in which Repsol YPF holds a 22.22% stake.

As outlined in Repsol YPF's 2005-2009 Strategic Plan, one of the principal vectors of growth for the company will be Upstream, and to consolidate its leading position in the Atlantic Basin, and strengthen its solid position in Trinidad & Tobago. In the Caribbean, Repsol YPF plans on investing $2.2 billion during the 2005-2009, of which $1.25 billion correspond to Trinidad & Tobago.

Petrotrin produces 85,000 barrels of oil equivalent per day from its onshore and offshore assets in Trinidad and exports about 80 mmscf/d as LNG through its NCMA unit and refines 160,000 B/D of which 140,000 b/d is exported.

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