Repsol Announces Biggest Discoveries in Russia in 2 Years
Spain-headquartered Repsol made two discoveries in the Russia’s Karabashsky blocks, in the West-Siberian Ouriyinskoye field, branding them as ‘Russia’s largest hydrocarbons discovery in the last two years.’
‘The recoverable resources from the Gabi-1 and Gabi-3 wells are estimated by the Ministry of Natural Resources and Environment of the Russian Federation at 240 million barrels of oil equivalent, a considerable addition to the resources Repsol currently holds in Russia,’ reads a note released on Monday evening.
The discoveries in the relatively unexplored area of West Siberia will allow the company to confirm the good reserve replacement rate (275%) registered in 2013.
‘The company has for the last three years beaten its own resource addition targets outlined in its 2012-2016 strategic plan.’
Repsol is working with Alliance Oil in Russia. The two companies created the joint venture called AROG to combine Alliance Oil’s knowledge of the area with Repsol’s technologies.
The company based in Madrid recently reported a 39% drilling success rate, outshining the industry average of 20-25%.