| 02/23/01 | ||
| REPSOL YPF MAKES A NEW OIL DISCOVERY IN THE MEDITERRANEAN, OFF-SHORE AT TARRAGONA |
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Repsol YPF has made a new oil discovery in the Mediterranean,
offshore at Tarragona. The discovery well, "Chipir�n-NE", produced 8,000 bpd of
excellent quality oil (40� API) in production tests. The consortium owning this discovery comprises Repsol YPF,
operator with a 98% stake, and LOCS Oil Company of Spain S.A., with a 2% stake.
Chipir�n NE is expected to go on stream in the second half of this year, and
will be connected to the flow line from Chipir�n-1, which will also lift oil
through the Casablanca rig. This oil will then be transported through the
underwater pipeline connecting the Casablanca rig to the Repsol YPF Tarragona
refinery, where it will be processed and refined. This high margin oil will significantly increase production in
the short term, in an area where several small discoveries, for which
development is highly profitable, have been made in recent years. The Casablanca rig currently produces oil from the Casablanca, Rodaballo,
Boquer�n and Barracuda fields. The latest find in the region was that of
Barracuda, last November. Chipir�n-NE Discovery |