Repsol completes drilling of Sandia-1 well

 Repsol has announced that the company has completed the drilling of an exploration well in the Canary Islands. On 11th January, a total depth of 3,093 metres (882 metres of water depth and 2,211 metres of subsoil) was reached and the collection of data on the traversed geological formations was completed. The well will be sealed throughout the next week under the strictest safety protocols, the same that have been applied during the entire exploratory drilling campaign. Around 750 professionals from over 50 companies have worked on the research project, applying the highest safety and environmental protection standards at all times. At the start of this campaign, Repsol estimated the possibility of finding hydrocarbons at between 15% and 20%. The company carried out the campaign in the belief that a discovery of hydrocarbons would be beneficial for the Spanish economy. The excellence of all operations related to this campaign was achieved thanks to the deployment of top professionals – not only from Repsol, but also from other contracted companies, some of them from the Canary Islands – and the use of cutting-edge technology such as the Rowan Renaissance dynamically-positioned UDW drillship, which was supported by four other vessels. Repsol has great experience in offshore exploration. The company’s reserve replacement ratio (the amount of reserves added by the company compared to the production) was 204% in 2012 and 275% in 2013, among the highest in the industry.