Spanish oil firm Repsol has announced it has achieved first oil from its deep-water Buckskin project in the Gulf Of Mexico.
Repsol and its partner, US firm Llog Exploration, said development was originally planned to come online in Q4 2019 but has been achieved “ahead of schedule”.
The early proving of Buckskin has resulted in a 60% cost reduction in the project, Repsol claim.
The 6,800 ft deep development is projected to hold up to 30,000 barrels of oil per day.
Repsol owns a 22.5% working interest in Buckskin.
A consortium of companies is led by operator Llog Exploration, who hold a 33.8% interest, Beacon Offshore Energy Buckskin (18.7%), Navitas Buckskin US (7.5%).
Two entities managed by Ridgewood Energy Corporation own the remaining 17.5%.
