Topping up the tank: Repsol
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Repsol reserves replacement hits 64%
Spanish producer Repsol YPF said its reserve replacement ratio rose to 64% at the end of last year from 35% in 2007.
In a presentation, Repsol said the oil resources found in the last three years are seven times its production at end of last year, which was 960,000 barrels of oil equivalent per day.
Meanwhile the company said it plans to re-evaluate its €350 milion (US$453 million) investment in Block 39 in Peru.
In a meeting with journalists, Repsol's head of exploration and production Nemesio Fernandez Cuesta added that the company could reconsider the future of some projects if the price of crude continued to wallow at current lows.