Repsol YPF Boosts Venezuelan Reserves

Repsol YPF has acquired from Tecpetrol the 25% stake owned by the latter in the Quiamare-La Ceiba block, in Venezuela, thus raising its full share in the block to 75%. Repsol YPF is operator, in a partnership with Exxon Mobil, owner of the other 25%. As a result of this acquisition, effective as of January 1, 2003, the company has boosted its production in Venezuela by 3,900 barrels per day, and proved reserves by 8.2 million barrels of oil equivalent.

Apart from Quiamare La Ceiba, Repsol YPF is operator of the Quiriquire Barrancas and Mene Grande fields. The Quiamare La Ceiba block is located in the State of Anzoategui, in west Venezuela, and was awarded in the second round of operating concessions, tendered for offer in 1993. Fields contained in this block currently produce 15,600 barrels of oil per day.

At present, Repsol YPF is the top private gas producer in Venezuela, producing its gas from the Quiriquire field (9.1 million m3 per day), of which it owns 100%. The company also produces 17,500 barrels of crude oil and condensate from the aforementioned field.

This operation consolidates Repsol YPF's operations in Venezuela, one of the largest oil producing countries in the world, and furthers the Company’s strategy of balancing its presence in Latin America, by adding new assets with a high development potential to its exploration & production portfolio.

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