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Repsol YPF confirms large gas find off Venezuela

09/28/2009
Repsol YPF SA confirmed earlier reports that it has made a giant natural gas discovery off Venezuela.The company, in an exploration partnership with Italy's Eni SPA, said the Perla-1 well could hold 7-8 tcf of gas in place and said that further tests would be needed to determine the discovery's exact size.The gas was discovered on a 924 sq km exploration block called Cardon IV, which the Spanish firm began exploring in 2006 along with Venezuela's state-owned Petroleos de Venezuela SA (PDVSA).The block was one of three that drew bids in the October 2005 Rafael Urdaneta Phase A license round in the eastern Gulf of Venezuela. Three more blocks drew bids in Phase B in November 2005.Repsol YPF...
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