Repsol Anticipates Guara Start-Up in 2013

MADRID (Dow Jones Newswires), Apr. 29, 2010

Spanish oil firm Repsol YPF SA (REP) Thursday said it expects the Guara South discovery in Brazil to start output in 2013, and Guara North in 2016.

The company sees a plateau output at Guara of 250,000 barrels of oil equivalent in 2016. Repsol expects Guara to add 108 million BOE to its reserves through 2014, and a further 139 million BOE from 2015 to 2019.

Repsol has a 25% stake in the BM-S-10 block in the Santos Basin that contains Guara. Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), know as Petrobras, holds a 45% operating stake, while BG Group PLC (BG.LN) has 30%. The consortium expects to make a final investment decision on Guara at the end of this year.

Repsol made its estimates in a presentation on its 2010 to 2014 strategic update, which it posted on the Web site of Spain's stock market regulator.

The company also said it sees first oil from the Carioca discovery in the same block in 2015, with a plateau output of 110,000 BOE a day. Repsol expects to add a total of 131 million BOE from that find through 2019.

Repsol added it sees the startup of the Carabobo heavy oil field in Venezuela in 2014, with a plateau output of 400,000 BOE a day in 2018. Repsol sees reserve additions of 268 million BOE from Carabobo.

The company also expects the startup of the Perla gas discovery off Venezuela in 2014, with an output of 8.5 million cubic meters in 2014, and 25.5 million cubic meters in 2020. Italy's Eni SpA (E) and Venezuelan state-oil firm PdVSA are partners in that discovery.

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