Preliminary Estimates Peg Repsol Natural Gas Discovery at 1 to 2 Trillion Cubic Feet

Reuters reported that Spain’s Repsol SA has discovered as much as 1 to 2 trillion cubic feet of natural gas in block 57 of Peru’s Camisea fields.

As quoted in the market news:

Repsol owns 53.84 percent of the block, and Brazil’s Petrobras holds 46.16 percent. Repsol said it would conduct new studies to evaluate the total size of the gas field. Block 57 is adjacent to Peru’s main blocks of 56 and 88 in the country’s southeastern jungle.

The nation is anxious to find new sources of gas as President Ollanta Humala tries to make the fuel available to Peruvians at a low cost and to build new pipelines and a petrochemical complex worth billions of dollars.

Click here to read the full Reuters report.