Gulf Moratorium Won't Affect Repsol's 2010 Drilling Plans

15th Jun 2010 11:44

MADRID (Dow Jones)--A six-months drilling moratorium in the Gulf of Mexico won't affect the 2010 drilling plans of Spanish oil firm Repsol YPF SA (REP), a company spokesman said Tuesday. Towards the end of this year, the company plans to drill an appraisal well at its Buckskin light oil discovery in ultra-deep waters of the Gulf of Mexico, from which it expects first oil in 2016. Repsol had no comment on how the moratorium may affect drilling plans for 2011. The U.S. government in May extended a moratorium on deepwater drilling by six months in the wake of the spill in the Gulf of Mexico caused by an accident aboard the Deepwater Horizon rig leased by BP PLC (BP, BP.LN), an incident that also claimed the lives of 11 workers. Repsol plans to move the drilling platform Stella Max to Buckskin from other areas. The rig has safety mechanisms capable of remotely closing a drilling valve at the bottom of the sea if necessary, the spokesman said. The safety standards are of the last generation, and compatible with strict requirements applicable in offshore drilling in Brazil and the North Sea, the spokesman said. Company Web site: www.repsol.com -By Bernd Radowitz, Dow Jones Newswires, +34-91-395-8125, [email protected] (END) Dow Jones Newswires June 15, 2010 06:44 ET (10:44 GMT)