Repsol YPF announces first oil find in Libyan waters

Madrid, April 22 (Inditop) Spain’s Repsol YPF and its Austrian partner OMV have discovered hydrocarbons in Libyan waters, the Spanish company told securities regulators in Madrid.

The well, with a depth of 4,820 metres and in some 50 metres of water, is the first drilled in the Sirte basin, located about 15 km off the coast.

The exploration block containing the well was awarded to Repsol and its partners by Libya’s state-owned National Oil Corporation, or NOC, in November 2003.

Repsol has a 60 percent stake in the consortium that made the discovery, with OMV holding the remaining 40 percent, the Spanish energy firm said Tuesday, adding that the find confirmed the success of the 2009 exploration campaign and bolstered its standing as the largest private oil company operating in Libya.

Repsol YPF is also a partner in the consortium that will develop the well, holding a 21 percent stake in the venture, while NOC has a 65 percent interest and OMV owns a 14 percent stake.

In June 2008, Repsol extended its exploration and operation contracts for Libya’s NC186 and NC115 blocks until 2032, requiring investment of $2 billion to achieve production of 380,000 bpd of petroleum.

Repsol YPF, which has been operating in Libya since the 1970s, started production last year at the I/R megafield, where the Spanish company made the largest oil find in the North African nation this decade in 2006.