  |
Repsol YPF could announce lower Venezuela reserves Friday - report
AFX
MADRID
Petroleumworld.com 06 19 06
Repsol YPF SA could announce further a reduction to its proven oil reserves in Venezuela at the company's AGM on Friday, Expansion reported without citing a source.According to Expansion, the company could cut its Venezuelan reserves by a further 21 mln barrels of oil on top of the 52 mln barrels reserve reduction in the country announced in January.
The newspaper said the further reductions are due to the new contracts for exploration and production in Venezuela in the form of joint ventures between foreign oil companies and the national oil company PDVSA whereby PDVSA maintains a majority stake.
It added that these joint ventures are expected to reduce Repsol's production from the country by about 47,000 barrels per day, or 5 pct of the group's total oil output.
In Bolivia, the company could announce a further 8 pct reduction to its reserves after cutting them by 659 mln barrels of oil equivalent in January, the newspaper added.
After Repsol reduced reserves in January, the incoming government in Bolivia announced the nationalisation of all hydrocarbon reserves in the country.
AFX
June 15, 2006
Copyright ©2006 AFX.All Rights Reserved.
Your
feedback is important to us!
We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com
Any
question or suggestions, please write to:
editor@petroleumworld.com
Best
Viewed with IE
5.01+
Windows
NT 4.0, '95, '98 and ME +/ 800x600 pixels