topics
tools
Expatica countries
Index Last Var.(%)
BEL 20 2119.44 0.28
DAX 6339.94 0.38
IBEX 30 6543 0.13
CAC 40 3047.94 0.32
FTSE 100 5351.53 0.03
AEX 292.76 0.23
DJIA 12454.83 -0.60
Nasdaq 2837.53 -0.07
FTSE MIB 13154.8 0.36
TSX Composite 11576.47 0.09
ASX 4081.2 -0.61
Hang seng 18713.41 0.25
Straits Times 2772.75 -0.24
ISEQ 20 500.94 1.55
You are here: Home News Spanish News Repsol's shares soar on Brazilian oil find news

Spanish News

archive
Enlarge font Decrease font Text size


16/04/2008Repsol's shares soar on Brazilian oil find news

The Spanish oil company closed up 9.28 percent after Brazilian government official reported of a huge oil find.

16 April 2008

MADRID - Repsol YPF's share price soared on Tuesday after a Brazilian government official said a consortium, in which the leading Spanish oil company holds a stake, had made a huge oil find off the coast of Brazil.

Repsol closed up 9.28 percent at EUR 25.68 after having been up as much as 14 percent at one point yesterday at EUR 26.75. The company's stock had risen Monday by over 17 percent overnight in New York.

The shares of Spanish builder Sacyr Vallehermoso, which holds a 20-percent stake in Repsol, climbed 12.20 percent to EUR 23.92 after an intraday high of EUR 24.76, a gain of 16 percent. Sacyr and Repso helped drive the Spanish blue-chip Ibex 35 higher, which closed up 1.89 percent at 13,408.90 points.

Haroldo Lima, the general director of Brazilian regulator National Oil Agency (ANP), said Monday the Carioca offshore oil field operated by state-owned oil company Petroleo Brasileiro (Petrobras) in the Santos Basin could hold reserves of 33 billion barrels of oil equivalent.

Lima said that "unofficial" information from Petrobras showed that the field would be the biggest discovery in over 30 years and the third-biggest oil field currently in existence. Brazil currently has about 12 billion barrels of reserves and if the Carioca find is confirmed, it would make the South American country the eighth biggest oil producer in the world.

Petrobras holds a 45-percent stake in the Carioca block, Repsol 25 percent and British Gas 30 percent.

In November 2007, Petrobras announced the discovery of recoverable light-grade oil and natural gas reserves at the adjacent Tupi Sul well, estimated to house between 5 and 8 billion barrels of oil equivalent.

In a statement released late Monday, Petrobras said it was still exploring the block. Ongoing exploratory activities, it said, include drilling new wells and new geological studies.

"More conclusive data on the discovery's potential will only be known after the other phases involved in the assessment process have been completed, and they will be announced to the market in a timely manner," the statement said.

In a research note, Citigroup said yesterday recoverable reserves from the Carioca field may be about EUR 10 billion barrels based on a recovery rate of 30 percent.

[El Pais / Adrian Soto / Expatica]


0 reactions to this article

Be the first person to add a comment

General rating: Not rated yet

Rate article:    Add my rating



0 reactions to this article

Be the first person to add a comment
Discussion Forums

Technology in Spain

Sat phones/internet links

English in Spain

What is the best travel insurance cover to Spain?

American in Spain

U.S. citizens, plan to vote in 2012? Did you know...

Relocation to Spain

thinking of moving to madrid

Jobs in Spain

Job Agencies or how to find work.

participate in the forums

Inside Expatica
Editor's Guide: Getting Started in Spain

Editor's Guide: Getting Started in Spain

Expatica's Getting Started section will provide practical information on how you can open a bank account, exchange your driving licence, improve your Spanish, and more.

Groups and Clubs in Madrid

Groups and Clubs in Madrid

Here's a guide to an extensive list of groups and clubs in Madrid for expats, from sports groups to social and family gatherings.

Groups and Clubs around Spain

Groups and Clubs around Spain

A brief introduction to our Tax section for Spain, from help with inheritance tax to accounting advice.

Groups and Clubs in Barcelona

Groups and Clubs in Barcelona

Here's a short introduction to our Banking section for those living in Spain, from what to ask the experts to opening a Spanish bank account.