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Venezuelan Gulf: President Chavez announces Repsol's
largest ever gas find

Urdaneta proyect blocks

Pampatar, Margarita Island, Venezuela, Sept 14, 2009

Repsol Chairman Antonio Brufau and the President of Venezuela, Hugo Chavez, announced Repsol's largest ever gas for the company, the largest gas find in Venezuela and one of the largest in the world, in the Venezuelan Gulf an exploration partnership with Italy's Eni.

The chairman and the president expressed their satisfaction at the great potential of the Pearl 1 well which could hold between 7 and 8 trillion cubic feet of gas or
around 1.4 billion barrels of oil equivalent (BOE), a Repsol spokesman said, adding that tests were continuing and that the figure was provisional.

The discovery was made in the Pearl 1 well, in Cardon block 4, which is part of the Rafael Urdaneta Gas project, an offshore block of Rafael Urdaneta Gas project in the Gulf of Venezuela,where Repsol is the block operator.

The reservoir is located in the Gulf of Venezuela at the entrance of Maracaibo lake, in the west of the country in water 60 meters deep. The reserve could be 33 square kilometers and 240 meters thick. Repsol who is the block operator said the data is pending final confirmation of the well testing which is being carried out at the moment.

Repsol and Eni were awarded the Cardon IV Block with the high bid of US$34 million in the second phase of the Rafael Urdaneta Project in 2005. The Cardon IV Block covers an area of 924 square kilometers (approximately 228,000 acres) and is located in relatively shallow waters, 30 kilometers west of the Paraguana Refinery Complex, the world's largest refinery.

Repsol and Eni have each 50% interest on the block and PDVSA, the Venezuelan state-owned oil and gas company, retains the right to acquire up to 35 percent of the project after declaration of commerciality.

The first commercial production of natural gas in then Cardon Block is expected in 2011, Max Torres, Latin America North Exploration Manager for Repsol told PW last year.

Story by Elio Ohep, editor of Petroleumworld, 58 412 996 37 30, Caracas.


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