Quiamare-La Ceiba purchase ups Repsol YPF prod by 3,900b/d
Bnamericas Published: Tuesday, July 01, 2003
Spanish oil company Repsol YPF increased its Venezuelan crude production by 3,900 barrels a day (b/d) with the purchase of Argentine oil company Tecpetrol's 25% stake in the Quiamare-La Ceiba block in Anzoategui state, Repsol YPF said in a statement to the Madrid securities regulator Tuesday. Repsol YPF now owns 75% of the block and Exxon Mobil has the remaining 25%. The Spanish company's proven reserves in Venezuela are now 8.2 million barrels. Quiamare-La Ceiba production is presently at 15,600b/d. Repsol YPF produces 17,500b/d crude and condensates from its 100%-owned Quiriquire field, where natural gas production is 9.1 million cubic meters a day (mcm/d). Elsewhere in Venezuela, Repsol YPF operates the Barrancas and Mene Grande fields.
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