After several years of prospecting Repsol has found a treasure in Argentina's Neuquén province, in Patagonia, close to the Chilean border. In this area, called Sierra de Vaca Muerta, Repsol holds oil concession rights over an area of 12,000 square kilometers, of which, so far, has focused on a small region of only 428 kilometers called La Lata Norte.
The analysis threw, through the 15 open wells, an estimation of reserves amounting to 927 million barrels, making it the largest discovery in the history of the company. Other explorations taking place in other areas of Sierra de Vaca Muerta are also revealing a promising future.
This discovery in Patagonia will allow Repsol to double in a few years its oil reserves reaching the amount of 4 billion barrels, and thus be among the largest in the sector, such as Statoil, Chevron, BP and Total.
Finally, this new scenario that is now being faced by Repsol is also a godsend for Sacyr Vallehermoso, currently undergoing serious difficulties in refinancing its debt. Its 20% shareholding of Repsol with its new goal may constitute the last opportunity to be refinanced.
