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BUENOS AIRES, Argentina – Oil conglomerate Repsol YPF SA said it has made its largest discovery of oil in the company’s history, one so massive it’s doubling its reserves in Argentina.
“This changes the map for Argentina,” company spokesman Kristian Rix said.
The discovery, which was made on Nov. 7, includes 927 million barrels of recoverable resources, 741 million of which is oil. The finding will elevate Argentina into a major oil exporter, Rix told reporters.
Repsol YPF, which is based in Spain but has branches in more than 30 nations worldwide, has a major presence in Argentina, which is home to 66% of the company’s 3 billion barrels of oil reserves.
The oil was discovered in a 165-square mile region known as “Loma La Lata,” Rix told reporters.
“This could tip Argentina back into a situation where they are able to export and generate income,” Rix said.
Repsol YPF also owns the rights to 4,633 square miles of the 11,583-square-mile area known as the “Vaca Muerta” basin in the province of Neuquén.
[The Associated Press (Argentina), 08/11/2011]; AFP, 08/11/2011]
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