The Mene Grande area is found on the east coast of the Maracaibo lake and has an extension of 123 Km². One of the oldest fields in Venezuela, it was discovered in 1914 by PDVSA. It has a present production of 5,500 barrels per day in 154 producer wells. Repsol foresees, with present technological advances, reaching new levels in the production applying enhanced recovery systems. This will permit an increase up to 30,000 barrels per day in the production level and the recuperation of 150 million barrels of proven reserves. On the other hand, the area has a high exploratory potential, estimated at 600 million barrels, and, once this potential has been confirmed by additional exploratory works, it will be put into production. The Operative Agreement will be in force until the year 2017.

With this operation, Repsol continues its strategy of introduction in Latin America. For the study of this offer, Repsol counted on the invaluable collaboration of Astra, very knowledgeable about on-shore business in this area, in which it has operated for more than two years. The working group formed by Repsol and Astra personnel, for the valuation and study of the areas included in this III Round of Operative Agreements, concluded that the Mene Grande was the area of greatest interest for the company.