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Repsol consortium to explore off Falklands

Eric Watkins
OGJ Oil Diplomacy Editor
LOS ANGELES, June 9--A consortium led by Repsol YPF SA plans oil and gas exploration in international waters off the Falkland Islands beginning in early 2010.
Repsol YPF executives disclosed no project details. In 2006, Repsol and Energia Argentina SA (Enarsa) signed two agreements to explore and develop oil and gas off Argentina.
The first is a 10-year strategic agreement covering all areas 100% owned by Repsol or Enarsa off Argentina within three zones of interest from the Uruguay border to the Falkland Islands.
The second agreement establishes a consortium specifically to explore the Colorado Marina basin. Consortium members are Enarsa, Repsol, Petrobras, and Petrouruguay
Repsol operates the area with 35% interest while Enarsa holds 35%, Petrobras 25%, and Petrouruguay 5%.
Argentina and Britain both claim large areas of the seabed around the islands.
Britain lodged a claim for 1.2 million sq km in May. Argentina filed a claim for the same area in April with the UN Commission on the Limits of the Continental Shelf.
British company Rockhopper Exploration PLC in May reclassified a 1998 North Falkland basin exploration well as a gas discovery with a 3.4 tcf mean contingent resource.
Shell Exploration & Production Southwest Atlantic BV drilled the 14/5-1A wildcat on the Sebald prospect to 4,525 m measured depth in 464 m of water (OGJ, Nov. 9, 1998, p. 44).
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