Repsol YPF, RWE to obtain blocks off Portugal

Eric Watkins
Senior Correspondent

LOS ANGELES, Dec. 29 -- Portugal is expected to award oil exploration rights in two blocks off Algarve province to a consortium owned 75% by Repsol YPF SA and 25% by RWE AG.

The permit award of Blocks 13 and 14, which lie in 200 m of water, was contained in an internal announcement of the country's economy ministry.

The award is subject to formal approval by Antonio Castro Guerra, deputy secretary of state in the industry and innovation ministry.

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