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Repsol finds huge undiscovered hydrocarbon reserves in Russia

23rd June 2014

Repsol has made two new discoveries in the Russia’s Karabashsky blocks, in the West-Siberian Ouriyinskoye field

Repsol finds huge undiscovered hydrocarbon reserves in Russia
The use of modern seismic techniques to detect these potential resources has allowed Repsol to make these significant finds in a relatively unexplored area of West Siberia

The recoverable resources from the Gabi-1 and Gabi-3 wells are estimated by the Ministry of Natural Resources and Environment of the Russian Federation at 240 million barrels of oil equivalent, a considerable addition to the resources Repsol currently holds in Russia.

The Minister of Natural Resources and Environment of the Russian Federation, Sergei Donskoi said this find is the biggest made in Russia in the last two years.

The use of modern seismic techniques to detect these potential resources has allowed Repsol to make these significant finds in a relatively unexplored area of West Siberia.

The discoveries confirm Repsol’s expectations of its Russian operations, where it is developing one of its key strategic projects, the AROG joint venture, together with Alliance Oil.

The exploratory success obtained in Russia adds to the successes during the last year in the US, Latin America and Africa that added resources which will boost reserves over the coming years as they are developed.

Repsol has been exploring the Karabashsky 1 and 2 blocks since 2010. In 2011 it created a joint venture with Alliance Oil, called AROG, which is a growth platform for both companies in Russia, combining the knowledge and access to exploration and production opportunities of Alliance Oil in the country with the experience and technological capacity of Repsol, including new drilling techniques.

During 2013, Russia contributed 14,600 barrels of oil equivalent a day to Repsol’s production. This has risen to 17,640 boepd in 2014 with the start-up of new gas wells on the SK field.

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