Spain’s top oil firm cuts reserves

MADRID
The majority of the revisions are in Bolivia, accounting for 52 per cent, and Argentina, with 41 per cent, Repsol said in a filing to the Spanish regulator, the CNMV. It also revised smaller amounts in Venezuela and elsewhere.

As a result of the downgrade, Repsol’s reserves will fall to 3.672 billion barrels of oil equivalent from 4.926 billion barrels of oil equivalent, with some 71 per cent of the drop relating to natural gas reserves, according to the Lisbon-based brokerage BPI.

AP