Repsol Finds Gas in Peru's Block 57

Repsol has made a new gas discovery in Peru in the exploratory well Kinteroni X1 of block 57, situated in the Cuzco area. The initial production tests, currently in process, have registered gas flows of 1 million cubic meters per day (0.365 bcm/year), and 198 cubic meters of associated liquid hydrocarbons per day (72,270 cubic meters/year).

The structure of the Kinteroni field has a length exceeding 22 kilometers, and approximately 115 meters of net gas and condensates reserves. Although the available data doesn't allow the exact definition of the field resources, the structure's size easily allows allocation of close to 2TCF (56 bcm) of volume.

Repsol is the operator of the joint venture that will operate the Kinteroni X1 field with a 41% stake, where Petrobras has a 35.15% and Burlington Resources Peru a 23.85%. Repsol and Petrobras are currently in the process of acquiring Burlington's total participation, which is pending the Peruvian authority's formal approval.

The new field is situated to the north of blocks 88 and 56, in which Repsol participates. The two blocks serve as the Camisea project's production source.