Repsol wins oil and gas exploration rights offshore Canada
November 21st, 2008 | by mantrionline |Repsol has been awarded exploration rights in Canada’s Newfoundland and Labrador Offshore Area, allowing the company to move forward with its plans to increase oil and gas finds and production in the Organization for Economic Co-operation and Development countries.
Repsol has successfully bid for three blocks, two in the Central Ridge/Flemish Pass and one in the Jeanne d’Arc Basin. The company was partnered by Husky Oil and Petro-Canada in the winning bids.
Over the period of the 2008-2012 strategic plan, Repsol aims to spend E9.3 billion on its upstream business, of which E4.8 billion will be spent on identifying and developing new exploratory areas.
In 2008, Repsol has brought online new production from the strategic areas of Gulf of Mexico, Libya and Peru, adding to its reserves and output.
