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August 17, 2011
Repsol YPF delays drilling in Guyana; officials blame equipment delay
Associated Press

GEORGETOWN, Guyana - Spanish-Argentine oil company Repsol YPF has delayed plans to drill its first offshore well in the South American country of Guyana.

The oil director for Guyana’s geology and mines commission says equipment stuck in neighboring Suriname is to blame. Newell Dennison said Wednesday it’s unclear when drilling will begin.

Dennison said the company already has shipped tons of equipment to Guyana.

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

E xxon Mobil Corp., of Irving, Texas, also has concessions in the region.

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