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June 11, 2011
Repsol YPF prepares to drill in Guyana oil basin
Associated Press

GEORGETOWN, Guyana -- Spanish-Argentine company Repsol YPF says it plans to soon drill its first offshore well in Guyana, where it has concessions in an oil-and-gas-rich basin.

Manager Giancario Ariza said Saturday that Repsol has already brought heavy-duty equipment into Guyana to drill by late August in an area offshore from the capital of Georgetown.

Repsol is targeting an area that experts estimate could contain up to 15 billion barrels of oil and 42 trillion cubic feet (1.2 trillion cubic meters) of gas reserves.

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