Repsol uncovers massive Russian oil reserves


Repsol uncovers massive Russian oil reserves

Spanish oil and gas firm Repsol has discovered large oil reserves in the Karabashsky 1 and 2 blocks, in the West-Siberian Ouriyinskoye field of Russia.


According to the Russian Federation Minister of Natural Resources and Environment Sergei Donskoi, the oil discovery is the biggest in Russia in the past two years.


The estimates say that the new reserves could contribute additional 240 million barrels of oil equivalent in recoverable resources for the company.


Repsol’s use of new drilling and seismic techniques enabled it to discover oil in a relatively unexplored area of western Siberia.


The firm has been exploring the Karabashsky 1 and 2 blocks since 2010, and has reported over 50 discoveries around the world from 2008.


In 2013, Repsol posted the highest reserve replacement rate at 275%, which beat the company’s own reserve addition targets for a third consecutive year to reach a total 1.515 billion barrels of oil equivalent.


In the same year, Russia contributed 14,600 barrels of oil equivalent a day to Repsol's production; the number which has increased to 17,640 barrels of oil equivalent a day in 2014 with the startup of new gas wells on the SK field.

The exploratory success obtained in Russia adds to the successes during the last year in the US, Latin America, and Africa, which will boost the oil production over the coming years .


Photo Source: Rigzone