Spanish petroleum giant Repsol said Thursday it had made a new gas discovery in Peru through its partnership with Brazilian oil major Petrobras.
"Preliminary estimations indicate the field may hold between 1 and 2 trillion cubic feet of gas resources," the equivalent of around 14 months of gas consumption in Spain, Repsol said in a statement.
The discovery pertained to Peru's block 57, which Repsol operates with a 53.84 percent stake, while Petrobras holds the remaining 46.16 percent.
Repsol shares on the Madrid stock exchange rose 3.12 percent to 15.2 euros at 1122 GMT following the announcement, in a market up by 1.53 percent.
Repsol said it planned to carry out further exploration in the block.