Repsol Teams Up with IFP for Exploration Technology

Spain’s Repsol and the French Institute of Petroleum, IFP Energies Nouvelles, have signed an agreement to develop exploration and production technology.

‘These projects will help to make hydrocarbon discoveries, identify new reserves, as well as evaluating their potential and increasing production,’ reads a note released on Friday.

Repsol will focus on carbonate reservoirs, which account for 40% of gas reserves and 60% of global oil reserves. 

‘This joint project will provide new insights into some of the most challenging aspects of characterisation and reservoir modelling, with a significant impact on future exploration and production projects. In addition, it will encourage the development of innovative solutions to optimise hydrocarbon reservoir production,” explains the communiqué.

Recently, the Madrid-based company reported a 39% drilling success rate, outshining the industry average of 20-25%.