Spanish oil and gas firm Repsol has announced a major new gas discovery in the exploratory well Kinteroni X1 of block 57, situated in the Cuzco area of Peru.
Repsol stated that the initial production tests have registered gas flows of one million cubic meters per day, and 198 cubic meters of associated liquid hydrocarbons per day. The initial flow volume is reported be roughly equal to 1.1% of Spain’s yearly gas consumption.
The Kinteroni field is over 22 kilometers long and has approximately 115 meters of net gas and condensate reserves. Repsol claims that the field’s potential volume is approximately two trillion cubic feet of gas and condensates.
Repsol is the operator of the joint venture that operates the field with a 41% stake, while Brazilian energy company Petrobras accounts for 35.15% and exploration and production firm Burlington Resources Peru has a 23.85% stake.
Repsol and Petrobras are currently in the process of acquiring Burlington’s stake in the project, which is pending approval from the Peruvian authorities. The discovery forms part of Repsol’s plan to expand its exploration and production business and maintain a larger presence in the integrated liquefied natural gas business.