May 13, 2005
Venezuela key to Repsol growth

(Financial Times) - "Repsol YPF, the Spanish oil and gas group, reaffirmed its interest in Venezuela, as it announced a 37 per cent increase in first-quarter net income to €845m ($1.07bn).

Luis Mañas, chief financial officer, told analysts that South America's largest oil-producing nation was 'potentially an important country for us'.

'If you really want to grow, you have to go to Opec countries, and some of them aren't very stable.' His comments, which follow the signing at the end of March of exploration agreements with the state-owned PDVSA in Venezuela, reflect industry-wide concern about access to new fields (...)

Activity in Venezuela, as well as new projects in Liberia and Algeria, are likely to be highlighted at the end of this month when Antonio Brufau, chairman, announces Repsol's exploration and development strategy. Mark Mulligan, Madrid".