Repsol awarded oil exploration rights in Guyana

Spanish oil company Repsol has been awarded oil exploration rights off the coast of Guyana, the Ministry of Natural Resources announced on Tuesday.

The deal was signed by Repsol director Jose Murillas and Guyana’s President Donald Ramotarma, who also serves as oil minister in the South American nation. The ministry and Repsol also signed a production sharing agreement.

The concession is located some 160 kilometers (100 miles) from the mouth of the Berbice River, and covers 6,525 square kilometer (2,500 square mile) area.

“Repsol is anxious to commence work obligations,” the ministry said, adding that the license was granted to Repsol for “an initial period of four years.”