August 22, 2005
Venezuela awards Repsol-YPF oil prospecting block

(El Universal) - "Venezuela has granted Spanish oil trust Repsol-YPF a prospecting block of 500 square kilometers in Orinoco Oil Belt, located in southern Bolívar state, according to a press release issued by the firm.

The block, called Junin 7, has significant potential reserves and development, the source said, adding that the Spanish giant will join efforts with Venezuelan state oil company Petróleos de Venezuela (Pdvsa) for a process involving quotation and certification of the block reserves, AFP reported (...)

Last March, Repsol YPF announced a joint venture with Pdvsa to increase oil output by 60 percent and double corporate reserves in Venezuela.The partnership is composed by Pdvsa with a 51 percent stake- and Repsol, with the remaining 49 percent.

Repsol-YPF noted that Orinoco Oil Belt holds the largest reserves of heavy and extra-heavy in the world".