Repsol invests $1 billion in US hydrocarbon production site
Spanish firm expects 90,000 barrels of oil per day by 2019 from Mississippian Lime deposit spanning the states of Oklahoma and Kansas
Spain's Repsol YPF and US oil company SandRidge Energy have reached an agreement under which Repsol will pay $1 billion to buy about 1,500 km2 of the Mississippi Lime play, an area rich in gas and light oil.
In a statement issued late Thursday, Repsol said it will have stakes of 16 percent and 25 percent respectively in two areas within the Mississippian Lime deposit, which spans the states of Oklahoma and Kansas in the United States. Repsol said its share of production is expected to reach a peak of 90,000 barrels of oil per day by 2019.
Repsol expects to drill more than 200 horizontal wells during 2012 and exceed 1,000 wells by 2014.
The Spanish firm said Mississippian Lime has a long production history and proven resources, rich in light oil and gas. The area, which has been in operation for more than 30 years, already has extensive infrastructure that will accelerate the start-up of production and marketing.
Repsol said the deal forms part of its strategy to diversify its portfolio into OECD countries. The company is already developing various projects in the United States.
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