USA: Repsol Moves into US Non-Conventionals
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Thursday, 29 December 2011 |
Repsol will produce non-conventional hydrocarbons in the United States following the purchase of a stake in the Misissipian Lime play. The Spanish oil firm has bought a 16% stake in the area known as Original Misissippian and a 25% stake in the Misissipian Extension.
The area acquired by Repsol, covering a total of 363,636 acres, spans both Oklahoma and Kansas. Repsol will invest $1bn, with an initial payment worth $250m and the remainder to be paid over three years.
The deal feeds into Repsol’s strategy of diversification into OECD countries, and gives the company a stake in a region with a track record of strong production. Repsol’s share of the production is projected to peak at 90,000 bpd equivalent in 2019.
PetrolWorld 29122011
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