Liberia awards offshore blocks

Repsol YPF has won the right to explore and develop offshore block 16 in Liberia's first international bidding round. Woodside Petroleum Ltd. subsidiary, Woodside West Africa Pty Ltd., won 100% interest in adjoining block 15.

Securing block 16 is a further step in Repsol's strategy to increase its presence in the region's totally unexplored deep waters, the company says.

Last summer, Repsol won the rights to block 17 through direct negotiations with the Liberian government. Repsol's two Liberian blocks are next to two other blocks (block 6 and block 7) offshore Sierra Leone, for which the company has an agreement with the Sierra Leone government. A 2004 3D seismic survey confirmed Repsol's interest in the two blocks.

Repsol, operator of all the blocks, is partnered in the Sierra Leone blocks by the Woodside, which holds 50% interest. The companies are in talks regarding the possibility of jointly exploring the Liberian blocks.

Repsol's initial plans include 400 km of 2D seismic and 1,600 sq km of 3D seismic, within an initial exploration period of four years. Woodside's initial four-year work commitment on block 15 includes geological and geophysical studies as well as a 600-km 2D survey and a 1,600-sq-km 3D survey.

1/28/05