Repsol Discovers Natural Gas in Bolivia to Supply 1% of Spain

[Judi Lynn]

Source: Bloomberg

Repsol Discovers Natural Gas in Bolivia to Supply 1% of Spain

By Todd White and Paul Tobin

Dec. 7 (Bloomberg) -- Repsol YPF SA, Spain's largest oil company, discovered natural gas at a field in Bolivia that may be large enough to supply the equivalent of 1 percent of consumption in its home country.

The Huacaya X-1 exploratory field demonstrated a gas flow of about 300 million cubic meters a year and may be similar in size to Repsol's Margarita X-1 field in Bolivia, the Madrid-based company said in an e-mailed statement today. Repsol and British Gas each own 37.5 percent of the group operating the field.

Repsol, whose fields in Bolivia were nationalized this year, is continuing to seek oil and gas in the nation while devoting a greater portion of its exploration budget to regions outside South America, to diversify its risk.

The company has rights to explore in 9,153 square kilometers (3,534 square miles) of Bolivian territory, and to pump gas or oil in 2,284 square kilometers.



Read more: http://www.bloomberg.com/apps/news?pid=20601086&sid=a49ApYge7l6Y&refer=latin_america

[Ian David]

1. NO ONE EXPECTS THE SPANISH OIL EXPLORATION! n/t

[Judi Lynn]

2. They explore without warning!

[Peace Patriot]

3. LOL!!! nt