Repsol has made a new discovery in the Perla 2 well, in shallow water of the Gulf of Venezuela, increasing by at least 30% the reserves estimation made after the initial discovery in the Perla 1X well in October 2009. The discovering consortium of the Cardon IV Block, in which Perla field is located, is jointly operated by Repsol (50%) and Eni (50%). In the development phase, the Venezuelan state-owned oil company PDVSA will acquire a 35% stake in the consortium; Repsol and Eni will each hold 32.5%. The field may contain recoverable gas volumes of between 1.6 and 1.85 Gboe. The new production tests on the well flowed 1.4 mcm/d of gas and 1,500 bbl/d of hydrocarbon condensate. With this find, Repsol continues its record exploratory campaign of the last two years, adding to the growing trend of reserve incorporation which will allow the company’s upstream unit (exploration and production) to reach its goal of a 125% reserve replacement ratio in 2012.
Source: Repsol