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Repsol’s President announces gas operations in the Algarve offshore to start 2015

On 9 July 2014, Repsol’s President announced that the Spanish multinational will launch its offshore drilling operations for gas next year.

Antonio Brufau stated to journalist after a meeting with Portuguese President Cavaco Silva, that there are very good gas deposits in the Algarve, which are in close proximity to the ones that they have been explored in Spain by Repsol. We want to see Portugal, if indeed gas deposits are found, to hold vast gas reserves in the Algarve.

In addition, Repsol’ President said “ We want to start with the offshore exploration in the Algarve, and we have the right partners to do so. We have partnered with Partex (Owned by Gulbenkian Foundation), but we want another local partner. If we find gas in the Algarve, we will have to build the necessary infrastructure and build a gas pipeline to Sines”.

We are very happy with the manner in which the operation is proceeding. In fact, also in Spain, a country that is the plain phase of growth, we view it in pure business terms, and the crises has turned us more efficient”

Antonio Brufau held on Wednesday a meeting with the Portuguese President in which he discussed the proposed gas exploration off the Algarve coast, marketing and the development of GPL (Gas to liquid) business process.

Brufau stated that 'the Sines petrochemical complex, has improved its efficiency, and are now working with raw materials in a more efficient manner. They work with naphtha, we are now using propane, and have various projects in the pipeline to use ethane, which will allow us to recover our competitiveness. "

Brufau stressed that the Iberian Peninsula has "the best electricity and gas infrastructure in Europe, with seven plants [producing gas] a total of 11, which are the seven gates to the world ', arguing that Europe" should not depend almost exclusively in the supply of gas from Russia.

In this sense, he stressed that "the interconnection of gas Iberia with Europe, in the end, who benefits most is Europe, not Spain or Portugal, because they already have everything, with the pipeline grid that unite Europe to Algeria."

Finally, we must not forget that its in the best interest of the Iberian Peninsula, when there is a crisis in Ukraine and Europe is dependant on only one supplier, its far safer to have alternative sources of supply, anything else is pure irresponsibility.



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