Spain's Repsol said it has made a new large natural gas find in Peru with reserves estimated at between 1-2 trillion cubic feet, based on preliminary estimates.
The discovery was made in Block 57 of the Camisea fields, located in Peru's southeastern Amazon region, Repsol, the operator of the block with a 53.84 percent stake, said in a statement.
Its partner, Brazilian state-controlled energy giant Petrobras, holds the remaining 46.16 percent.
Repsol said the new field further confirms the potential of a zone that also includes the Kinteroni field, also discovered by the Spanish firm and one of the world's five-largest natural gas finds in 2008.
Kinteroni currently is in an "accelerated development" phase and production is expected to begin in late 2012, the statement said.
Referring to the latest discovery, Repsol said the Sagari well was successful in two different formations known as Nia Superior and Nia Inferior.
Production tests at depths of between 2,691 meters and 2,813 meters (8,822 feet and 9,222 feet), produced gas flows of 26 million cubic feet of gas with 1,200 barrels of condensate (liquid hydrocarbons) per day in one of the formations and 24 million cubic feet with 800 barrels of condensate per day in the other.
The sum of both tests indicates 11,000 barrels of oil equivalent per day, Repsol said.
The company said it plans to continue with exploration efforts in Block 57 once the production tests are finalized.
In May, Repsol presented its 2012-2016 strategic plan, which calls for investment of 19 billion euros ($24 billion) over the next five years.
The goal of the company headed by Antonio Brufau is to achieve annual output growth of 7 percent and reach production of 500,000 barrels of oil equivalent per day in 2016.
"Repsol has made more than 30 oil and gas discoveries in the last five years, including five which are amongst the largest made worldwide, significantly bolstering future reserve and production growth prospects," the statement said. EFE