LIMA, Peru--Spain's Repsol SA (REP.MC) said it has started
production at its majority-owned Kinteroni gas field in Peru's
southeastern Amazon region.
The field, which is located within Block 57, will initially
produce about 20,000 barrels of oil equivalent a day, Repsol said
in a statement Tuesday. The output is expected to double by
2016.
Repsol said Kinteroni is one of 10 key projects that were
included in the company's 2012 to 2016 strategic plan. It said that
seven of the 10 projects have started production, increasing the
company's average output by 7% since 2011 to 346,000 barrels a day
in 2013.
Repsol owns 53.84% of Block 57, while Brazil's state-run
Petroleo Brasileiro (PBR, PETR4.BR) has the remainder.
Block 57 is located beside two concessions owned by the Camisea
consortium, which produces nearly all of Peru's natural gas. Repsol
has a stake in the consortium, which is led by Argentina's
Pluspetrol Norte SA.
Write to Ryan Dube at ryan.dube@wsj.com
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