Spanish oil firm signs new agreement

GEORGETOWN, Guyana, CMC –The Spanish oil exploration firm, REPSOL, Tuesday signed a new oil exploration concession offshore agreement with Guyana. President Donald Ramotar and REPSOL’s director, Jose A. Murillas signed the four year prospecting license for the 6,525 square kilometer concession located 100 miles seawards off the mouth of the Berbice River. The two sides also signed a production sharing agreement. The concession includes part of REPSOL’s previous 8,000 square kilometer concession and the Ministry of Natural Resources and the Environment said “REPSOL is anxious to commence work obligations which include new 2D and 3D marine seismic acquisition in the first phase, to be followed by an exploration well in the second phase of the Licence which has been granted for an initial period of four years.