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Repsol starts gas production from Peru

Repsol starts operations at Kinteroni gas field in Peru.
By Daniel J. Graeber   |   April 1, 2014 at 8:32 AM   |   Comments

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April 1 (UPI) -- Spanish energy company Repsol announced the start of production from Kinteroni gas field in Peru, estimated to hold at least 2 trillion cubic feet of reserves.

Kinteroni, discovered in 2008, holds between 2 trillion and 3 trillion cubic feet of natural gas. Repsol said the play would give up reserves at an initial rate of 20,000 barrels of oil equivalent per day, a rate that could double in 2016.

Repsol said the start of production at Kinteroni is part of a five-year strategic plan that began in 2012. Assets covered under the plan have allowed the company to increase its annual rate of production by 7 percent.

Peru became a natural gas exporter in 2010 with the launch of its Melchorita liquefied natural gas plant, owned by a consortium that includes Repsol.

The U.S. Energy Information Administration said Peruvian gas production has increased exponentially since 2004 to a rate of more than 400 billion cubic feet per year.

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