REPSOL DISCOVERS SIBERIA
Repsol SA has made two hydrocarbon discoveries in the Karabashsky 1 and 2 blocks in the West Siberian Ouriyinskoye field of Russia.
The finds could add 240 million boe in recoverable resources for the company, says the Ministry of Natural Resources and Environment of the Russian Federation, which adds that it's the largest discovery made in Russia in the last two years.
Repsol credits the use of unique drilling and seismic techniques for enabling the company to make the finds in a relatively unexplored area of West Siberia.
The company says the discoveries confirm its expectations for its Russian operations, where it is developing one of its key strategic projects, the AROG joint venture with Bermuda's Alliance Oil Co. Ltd.
Repsol has been exploring the Karabashsky 1 and 2 blocks since 2010.
The company, in an effort to boost its exploratory activity, has reported more than 50 discoveries worldwide since 2008.
Repsol in 2013 posted an overall reserve replacement rate of 275%, which beat the company's reserve addition target to reach a total of 1.515 billion boe.
Russia in 2013 contributed 14,600 boe/d to Repsol's production, and in 2014, has contributed 17,640 boe/d with the startup of new gas wells on the SK field.
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