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Repsol YPF, BHP Billiton and Hess Corp. find oil in Gulf of Mexico Shenzi Field

By Hendrik L Clarke for CEOWORLD Magazine Updated:October 30, 2009

Spain’s biggest oil company, Repsol YPF SA (REP.MC), said on Friday that it had discovered a “significant” oil find in two wells in the Gulf of Mexico in partnership with BHP Billiton (BHP.AX)(BLT.L) and Hess Corporation (HES.N.

The discoveries were made in the Shenzi field where the companies already produce more than 120,000 barrels of crude oil per day, 20 percent more than designed capacity, the company said in a statement.

Repsol owns a 28 percent stake in the development of the deep offshore Shenzi field. Anglo-Australian mining corporation BHP Billiton operates the consortium while the US firm Hess Corporation owns the remaining 28 percent.

The company said that the Gulf of Mexico is “one of the world’s most attractive deepwater areas and one of Repsol’s ten key strategic projects.”

Repsol has reinforced its position in the area in the last three years and it now holds 101 licenses in US waters. Production and exploration in this area are among the ten key growth projects in the compnay’s 2008-2012 strategic plan.

Repsol’s production in the Gulf of Mexico also includes the Shenzi-Genghis Khan project and earlier this year it announced the Buckskin discovery.

Production in the Shenzi field began in March 2009 from a platform located in the Green Canyon 653 block 195 kilometres off the Louisiana coast (USA). Production currently comes from 10 wells connected to the platform and is expected to be expanded to 15 producing wells.

Shenzi field

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