Tuesday, Feb 14, 2012
MADRID (EFE Dow Jones)--The government of Algeria authorized Repsol YPF SA (REP.MC) and its partners to develop gas fields in the North Reggane project, the company said in a regulatory filing Tuesday.
A Repsol-led consortium will invest more than EUR2 billion to develop 104 wells in six areas.
The Spanish company has a 29.25% stake in the consortium, which also includes Algerian state energy company Sonatrach and Italian and German firms.
Repsol also said that it plans to start producing in the areas in the middle of 2016 and carry on production for 25 years, with the first 12 years yielding stable production of 8 million cubic meters a day.
Repsol currently is involved in two producing projects in Algeria, as well a development project and an exploratory project.
Repsol shares closed 0.3% lower on Tuesday at EUR20.94, a little more than Madrid's benchmark index, the IBEX-35.
-By Anna Prez, Dow Jones Newswires, +34 913958136, anna.perez@dowjones.com
(END) Dow Jones Newswires
14-02-12 1722GMT
