Repsol Confirms Natural-Gas Find in Peruvian Jungle

(Bloomberg) — Repsol YPF SA , Spain’s largest oil producer, confirmed an “important” natural-gas discovery in Peru’s southeastern jungle, Peru’s President Alan Garcia said.

Repsol, based in Madrid, and partner Petroleo Brasileiro SA, which announced the find last month, discovered more than 2 trillion cubic feet of gas in Block 57 bordering the Camisea gas fields where Repsol is a partner, Garcia said.


“This important gas find will represent millions of dollars in income for Peru,” Garcia told reporters in Lima today. “It will enable us to be self-sufficient in fuel.”

Peru, South America’s fifth-largest gas producer, is counting on $5 billion in energy investment projects, including a $3.8 billion gas plant being built by Dallas-based Hunt Oil Co., to double output of the fuel and drive 7 percent annual economic growth over the next four years.

Bloomberg