Repsol is the largest gas well in Venezuela

Repsol is the largest gas well in Venezuela


The Spanish oil company Repsol has confirmed that the gas well which has discovered 1X Pearl in Venezuela is the largest in the history of the company and the largest ever conducted in that country. The field could contain recoverable gas reserves of between 1,000 and 1,400 million barrels of oil equivalent, enough to meet the gas demand in Spain for 5 years.

Pearl 1X Well reached a total depth of 3147 meters in a water depth of 60 meters. Production tests resulted in a flow of 570,000 cubic meters of gas per day and 620 barrels of oil per day, restricted by the specifications of the facility.

With Italy's Eni and Venezuela's PDVSA

Repsol operates together with Italy's Eni consortium discovered the Cardon IV Block. For the development phase of the bloc, the Venezuelan state oil company PDVSA, would acquire 35% of the consortium Repsol and Eni maintaining a 32.5% stake each.

According to reports Repsol, the discovery has been described by the information service specializing IHS oil as one of the five largest in the world made in 2009.

Repsol is carrying out an intensive exploration campaign throughout 2009, with 15 oil and gas discoveries among which are some of the most important made by the sector during the period.