Repsol-YPF finds oil in RI

Repsol-YPF finds oil in RI

MADRID (Dow Jones): Spanish-Argentine oil and energy group Repsol YPF SA (REP) has discovered three new oil fields in West Madura, off the East coast of Java, Indonesia.

Through its YPF Madura Barat subsidiary, Repsol YPF has a 25 percent stake in the West Madura operation. Its partners in the venture are Indonesian state-owned Pertamina, with a 50 percent participation, and Kodeco Energy Co. Ltd., with 25 percent.

In addition, Repsol-YPF operates the Bloque South East Sumatra field in Indonesia, and has stakes in Bloques North West Java, Jambi Merang, Blora and South Sokang. In 2000, Repsol produced 23.3 million barrels of oil, making it the largest producer in Indonesia.

In a press release Wednesday, Repsol said the new fields, KE23-1, KE13-1 and KE24-1, have yielded in tests approximately 6,300 barrels of oil a day and more than 850,000 cubic meters of gas a day.

Company estimates put the reserves of the new fields at 13 million barrels of oil and 4.3 bcm of gas.

Repsol added it will develop the KE23-1 field using existing infrastructure and will start commercial production in the third quarter of the year.