Repsol YPF plans more drilling of Venezuela discovery

Repsol YPF SA of Madrid and its two partners plan to drill four more wells through 2002 to appraise and develop an apparently world class discovery in Tacata field in Venezuela, officials said Friday.

April 24, 2001

2 min read

By the OGJ Online Staff

HOUSTON, Apr. 20 -- Repsol YPF SA of Madrid and its two partners plan to drill four more wells through 2002 to appraise and develop an apparently world class discovery in Tacata field in Venezuela, officials said Friday.

The company has completed evaluation of its TAG-14 well, which was drilled to a depth of 16,000 ft in that field and tested at a total of 21,000 b/d from four different intervals, officials reported.

Tacata field is in the Quiamare-La Ceiba block, which was awarded to the consortium by PDVSA. Repsol YPF is operator with 50% interest in that holding. Its partners include ExxonMobil Corp., Irving, Tex., and Tecpetrol de Venezuela SA, with 25% each.

Production from the Quiamare-La Ceiba block is 14,000 boed, but officials say they expect to double that production by 2004.

Repsol YPF is working in five blocks in Venezuela, including three others -- Quiriquire, Mene Grande, and Guarapiche -- for which it is operator. The company's net production from those blocks total 31,000 b/d of oil equivalent. But it expects to increase that production gradually to 70,000 b/d with development of the Quiamare-La Ceiba and Mene Grande fields and implementation of a recently signed gas contract in Quiriquire, officials said.