Brazil 2007
Exploration and Production
At 31 December 2007, Repsol YPF held mineral rights over 24 blocks in Brazil:23 exploration blocks with a net area of 5,126 km2 and one development block with a net surface of 51 km2, located in the Santos, Espiritu Santo and Campos Basins.
The year's net production was 5.7 Mbbl of liquids and 1.4 bscf of natural gas, with an equivalent total annual net production of
5.9 Mbep (16,242 bepd) from the Albacora Leste Block.
At 31 December 2007, proven net reserves in the Albacora Leste Block were estimated at 29.6 Mbep.
During 2007, two exploratory surveys were completed, one with a positive result (the Carioca survey).
Repsol YPF is the leading private company in offshore exploratory mineral rights in the Santos, Campos and Espiritu Santo basins, with a total of 23 exploratory blocks. The company is the operator in 11 of them.
It also has a 10% shareholding in the Albacora Leste field, which came into production in April 2006 in the Campos basin. This considerable oil field in Brazil's deep waters produced more than 160,000 barrels per day in 2007, and it is expected that a level of 180,000 bbld will be reached. Total proven and probable reserves at 31 December 2007 for the entire field were estimated at 464 Mbbl.
In 2007, a significant seismic campaign was undertaken in the Santos Basin with the acquisition of 2,986 km2 of offshore 3D seismic.
Milestones in 2007
• In 2007, Repsol YPF discovered a new deep water oil field in Brazil's Santos Basin. This exploratory discovery from the Carioca survey was made in the BM-S-9 block, operated by Petrobras with 45%, and in which Repsol YPF has a 25% shareholding and British Gas 30%. Carioca, located some 273 kilometres from the São Paulo coast and 2,140 metres below the water, recorded a production trial of 2,900 barrels of crude and 57,000 cubic metres of gas per day..
This new find contains very significant oil resources and will require additional investment in delineation wells and new technologies in order to define the Development Plan. Furthermore, it strengthens the company's strategy in Brazil's offshore region, which has been confirmed as one of the groups' main areas of growth world-wide.
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