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Spanish energy company Repsol and its partners have achieved first oil in Buckskin, an ultra-deep project situated in about 6,800ft of water in the Gulf of Mexico.

Repsol E&P USA owns a 22.5% working interest in Buckskin, a consortium led by LLOG Exploration Company, which operates the field with a 33.8% interest. Beacon Offshore Energy Buckskin holds an 18.7% interest, while Navitas Buckskin US owns a 7.5% interest. The remaining 17.5% interest is owned by two entities managed by Ridgewood Energy.

The Buckskin project is situated on Keathley Canyon blocks 785, 828, 829, 830, 871 and 872 in the Gulf of Mexico, an area in which Repsol has additional interests with LLOG.

The companies originally planned for development for late 2019 but have achieved it ahead of schedule. Repsol claims that the early proving of Buckskin has led to a 60% cost reduction in the project.

Phase one production rate is expected to reach 30,000 gross barrels of oil per day. Further phases of development are needed for the full development of the field, which is anticipated to contain about five billion barrels of oil in place.

Repsol and LLOG have recently signed an asset exchange and joint participation agreement to speed up plans and optimise the economics of projects in the deepwater Gulf of Mexico. Repsol will buy a 30% stake in Moccasin while LLOG will operate the Leon project.

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By GlobalData

LLOG president and CEO Philip LeJeune said: “The initiation of production at Buckskin marks a significant milestone for LLOG considering the scope of the field and its position as our first deepwater development in the Lower Tertiary trend.

“LLOG is looking forward to developing future phases of the project and embarking on additional opportunities in the Lower Tertiary.  Later this month LLOG will spud a delineation well at the Leon discovery with the goal of bringing it to development in the near future.”