Repsol's YPF Makes Major Shale Gas Find in Argentina

Argentina's Repsol YPF Makes Big Shale Gas Find

December 6, 2010:

Argentina, Spain –

YPF, the Argentinian subsidiary of Spain's Repsol, has made a major unconventional gas find in near the giant Loma da Lata gas field in western Argentina, business daily Cronista reported Monday.

The shale gas find in the Neuquen region could triple the company's existing oil and gas reserves of some 1.02 billion barrel of oil equivalent, the Argentinian newspaper reported, citing unnamed company sources.

YPF plans to announce the shale gas find in the coming days and President Cristina Fernandez de Kichner has been invited to attend, the report said.

Neither Repsol nor YPF were immediacy available for comment.

Repsol owns 82% of YPF with Argentinian group Petersen holding just over 15%, and the rest listed on the stock market.

Antonio Brufau Cristina Fernandez de Kichner Picture

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Pictured: Antonio Brufau, Repsol YPF´s Chairman and Cristina Fernandez de Kichner, President of Argentina.

About Canaport LNG

Canaport LNG Limited Partnership is a partnership between Fort Reliance and Repsol YPF, S.A. subsidiaries. Canaport LNG is operating as a world-class liquefied natural gas receiving and regassification terminal. Situated in Saint John, New Brunswick, Canada, Canaport LNG has a send-out capacity of 1 billion cubic feet of liquefied natural gas a day, destined for markets in Canada and northeastern US. The natural gas is delivered through the Brunswick pipeline to Maritimes Northeast Pipeline with terminuses at Beverly and Dracut, MA. The construction of the terminal created 1,600 jobs (85% of workers came from Saint John and New Brunswick) and has created 70 permanent jobs for operations. To learn more, please visit www.canportlng.com