Repsol has made two new discoveries in the Russia’s Karabashsky blocks, in the West-Siberian Ouriyinskoye field. 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 that Repsol currently holds in Russia.
The Minister of Natural Resources and Environment of the Russian Federation, Sergei Donskoi, said that this find is the biggest made in Russia in the last two years.
In Russia, 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.
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, which added resources that will boost reserves over the coming years as they are developed.
In 2013, Repsol posted the highest reserve replacement rate amongst its peers at 275%, which also beat the company’s own reserve addition targets for a third consecutive year to reach a total 1.515 billion barrels of oil equivalent.