Uchenna Izundu
International Editor
LONDON, Nov. 22 -- A consortium comprising Repsol YPF SA, Husky Oil Operations Ltd., and Petro-Canada secured three blocks off Newfoundland under Canada's latest lease sale.
Block 1 in the Central Ridge-Flemish Pass covers 138,200 hectares. Repsol YPF has a 20% stake, Husky 40%, and Petro-Canada 40%. They paid $18.6 million.
Block 2, also in the same area, covers 134,227 hectares. The partnership will be Repsol YPF 33% and Husky 67%. They paid $1.2 million.
In the Jeanne d'Arc basin, the companies won Block 2, which covers 121,348 hectares. Repsol YPF has a 33% interest and Husky 67%. They offered $9.5 million.
Over 2008-12, in its strategic plan, Repsol YPF aims to spend €9.3 billion on its upstream business, of which €4.8 billion euros will be spent on identifying and developing new exploratory areas.
Contact Uchenna Izundu at uchennai@pennwell.com.