Repsol-YPF makes gas find in Peru near Camisea

Eric Watkins
Senior Correspondent

LOS ANGELES, Jan. 25 -- Repsol-YPF SA made a natural gas discovery with its Kinteroni X1 exploration well, drilled on Block 57 in Peru near the Camisea project.

Initial production tests registered gas flows of 1 million cu m/d and 198 cu m/d of associated liquids. The field's reserves are estimated at 2 tcf of gas.

Repsol-YPF is operator with a 41% stake. Petroleo Brasileiro SA has 35.15% interest, and Burlington Resources Inc. 23.85%.

Domestic demand for gas is estimated to total 6 tcf in the next 20 years, according to Energy and Mines Minister Juan Valdivia.

Peru's proved gas reserves total 16 tcf, including the reserves in Blocks 88 and 56 of the Camisea project, the recently discovered gas by Repsol-YPF on Block 57, and the discoveries of BPZ Energy and Peruvian oil company Petro-Tech Peruana in northern Peru.

Earlier this month, Valdivia said the government will invest $35-37 million in 2008 to expand the country's gas distribution networks. He said the government will invest part of the sum to replace old copper pipes with ones made of aluminum.

Contact Eric Watkins at hippalus@yahoo.com.

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