Canary Islands

By OGJ editors

HOUSTON, Oct. 21 -- An exploration group is gearing up to acquire a 3,000 sq km 3D seismic survey in 2003 that will represent the first exploration in the Fustercasas-Hesperides basin off northwestern Africa.

RWE Dea, Hamburg, which took a farmout from operator Repsol-YPF SA and will have a 20% interest, said the small Atlantic margin basin is prospective for gas and oil.

Nine blocks granted to Repsol in January 2002 cover 6,160 sq km in 700-1,500 m of water east of Lanzarote and Fuerteventura islands and 60 miles off Tarfaya, southern Morocco (see map, OGJ June 24, 2002, p. 38).

Interests in the 9 blocks, subject to approval by the Spanish administration, are Repsol 50%, Woodside Petroleum Ltd. 30%, and RWE Dea 20%.

Besides the 3D survey, the group also is committed to drill 2 wells starting in 2004. Repsol has said that sediments of Mesozoic and Tertiary age are anticipated to as deep as 21,000 ft.