Repsol (REP -0.5%), long derided as the oil company with no oil, announces a "fairly sizeable"...

|About: Repsol S.A. ADR (REPYY)|By:, SA News Editor

Repsol (REP -0.5%), long derided as the oil company with no oil, announces a "fairly sizeable" discovery in the Gulf of Mexico's Shenzi field that it says will help reduce U.S. dependence on foreign oil. Today's discovery comes on top of big finds in Brazil and West Africa, and leaves Repsol with the unexpected challenge of developing a sudden surge in oil and gas properties.