Repsol looks to drill second Kinteroni well

Friday, February 25, 2011

A second appraisal well is planned this year for the Kinteroni field in Peru, according to Spanish major Repsol YPF's (NYSE: REP) CEO Antonio Brufau.

Kinteroni is in onshore block 57, in which Repsol is operator and has a 53.8% stake. Brazil's Petrobras (NYSE: PBR) holds the remainder.

"In January, 2011, Kinteroni 2 proved positive and enlarged the initial results estimations," Brufau said during a presentation.

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He added that first gas production is due to come online next year as originally planned; preliminary figures peg output at 5Mm3/d.

Repsol's Peru upstream development investment in 2010 totaled 67.6mn euros (US$93mn).