Repsol strikes it big in Peru with gas find

15th January 2008, Comments 0 comments

Spanish oil group Repsol YPF announced Monday that it has found a large natural gas deposit in Peru.

15 January 2008

MADRID - Spanish oil group Repsol YPF announced Monday that it has found a large natural gas deposit in Peru that will dramatically increase its output from the Andean nation.

The deposit, part of the Camisea field in the region of Cuzco, contains around 56 billion cubic metres of natural gas, roughly twice as much as Spain consumes in a year. Exploration and extraction from Camisea is being carried out by Repsol, which has a 41 percent stake in the venture, along with Brazil's Petrobras and Burlington Resources Peru, a unit of ConocoPhillips.

The discovery of the gas, most of which will be used to supply Latin America's Pacific seaboard and Asia, follows other recent major finds by Repsol in Bolivia and Brazil.

[Copyright EL PAÍS / Ángeles Espinosa 2008]

Subject: Spanish news

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