Repsol YPF signs first international development contract

SPAIN'S REPSOL YPF became the first foreign oil company to sign up to develop the country's upstream last month, after winning a bid for a multiple service contract (MSC) on the Reynosa-Monterrey block, in the Burgos basin. Repsol YPF won the contract after bidding $2.44bn. According to state-owned Pemex, Repsol YPF's bid includes the value of the goods and services to be provided over the 20-year life of the contract. The Spanish firm was the only company to bid for the block, which is the largest of seven being offered by Pemex. Total and ExxonMobil had acquired data on the concession, but declined to bid. Bids on the other six blocks are likely to be submitted by the end of the year. The