Repsol has sized up a mammoth Argentine oil reserve the company calls its largest find ever.
The 428-square kilometre plot in the Loma la Lata Norte area contains 927 million barrels of oil equivalent – 741 million of which are oil -- in recoverable resources, the company said in a statement Monday.
The reserve is in the Argentinean Neuquen province’s Vaca Muerta formation, a shale play deemed by analysts to be among the world’s most promising.
The oil is of 40 to 45 degrees API, and followed a drilling programme of 15 wells.
The Spanish company's Argentina arm is the world's second-largest holder of acreage in non-conventional plays, according to energy consultancy Wood Mackenzie.