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Repsol stock climbs on Brazil oil discovery
MADRID
Petroleumworld.com, April 15, 2008
Shares in Repsol YPF leapt almost 12 percent on the Madrid stock exchange Tuesday on news of the discovery of a huge oil field in Brazil in which the Spanish energy group holds a 25 percent stake.
Repsol stock had climbed 11.96 percent to 26.21 euros by 0730 GMT in a market that was up 1.35 percent.
The head of Brazil's National Oil Agency, Haroldo Lima, on Monday announced the discovery a new offshore oil field that could prove to be "the third biggest field in the world."
Brazil's Petrobras has a 45-percent stake in the field, while Repsol holds 25 percent, Spain's largest oil group said in a statement.
The find is calculated to hold 33 billion barrels of oil, Lima said.
Story from AFP
AFP 15 0841 GMT 04 08
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