Spanish energy company Repsol on Monday said a new find at a huge gas field off Venezuela raised reserve estimates by at least 30 percent, according to AP. In a statement, Repsol said the find was made at the Perla 2X well, greatly boosting the huge discovery made at the nearby Perla 1X well in October 2009. Repsol said the field may now contain recoverable gas volumes of between 1.6 and 1.85 billion barrels of oil equivalent, enough to fulfill Spain's gas demand for seven years. Back in October, the company estimated it held between 1 and 1.4 billion barrels of oil equivalent. The Perla field is located in the Cardon IV block in shallow water in the Gulf of Venezuela. The block is operated in equal 50 percent shares by Repsol and Italian oil company Eni. The Venezuelan state company Petroleos de Venezuela SA owns the right to claim a 35-percent share in the development phase, which would reduce Eni and Repsol's shares to 32.5 percent each. The Perla field was one of the five largest hydrocarbons finds worldwide in 2009 and the largest gas discovery ever made in Venezuela.
