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Repsol praises Brazil’s legal and fiscal stability for the oil industry

Thursday, September 10th 2009 - 05:00 UTC
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Antonio Brufau, Repsol’s CEO says Brazil has become a crucial piece of its world operations Antonio Brufau, Repsol’s CEO says Brazil has become a crucial piece of its world operations

Spain’s oil corporation Repsol-YPF CEO Antonio Brufau praised Brazil for its stability and clear rules of the game for the hydrocarbons industry. Brazil which holds huge reserves of offshore sub-oil this week announced a plan to reinforce control over the new deposits.

“Brazil is a country tremendously stable and reliable when it comes to anticipate the legal framework”, said Brufau in a press interview.

According to the rules for the new deposits to be exploited in deep water, the Braziklian government managed oil corporation Petrobras will be the only operator and demanding a basic 30% of all revenue extracted by foreign companies in the sub-salt area.

Brazil has become one of the main areas for Repsol-YPF strategy, and is well positioned in the country’s offshore deposits where deep water oil strikes have multiplied lately.

The Spanish group is present in 21 exploratory blocks in the Santos, Campos and Espiritu Santo basins. “In these fields, the legal, fiscal and regulatory framework for exploration and production has been respected and are the same as when we were granted the concessions” pointed out Brufau.

Respol-YPF also announced Wednesday that recoverable reserves in one of its blocks, BM-S-9 are in the range of 1.1 to 2 billion barrels, “a very good surprise”, said Brufau. Repsol has a 25% share in the block.

“For the future concessions we will have to adapt as will have to everybody”, said Brufau, who recently admitted that it has pending disputes with other Latinamerican countries such as Venezuela, Ecuador and Bolivia.

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