| 10/18/99 |
| REPSOL-YPF DISCOVERS MORE THAN 300 MILLION BARRELS OF GAS AND OIL IN BOLIVIA
|
Repsol-YPF, operator of the Caipipendi
block in South Bolivia, has discovered a large deposit of gas and
oil. Preliminary tests conducted at the well
called Margarita X3 produced a daily flow of nearly 2 million cubic metres of
gas and 2,300 barrels of oil in one of the formations targeted. Drilling has not yet finished at the well,
and it is expected to discover more productive layers. Estimated reserves for
this current find are over 300 million barrels of oil equivalent, yet this
figure could probably double before exploration work is completed. Repsol-YPF operates the Caipipendi block
with a stake of 37.5%. Its partners in the block are British Gas with an
equivalent stake, and Arco with 25%. This discovery has great economic relevance
because of its proximity to the Bolivia-Brazil gas pipeline, which will transmit
Bolivian gas to the Brazilian markets. |