A consortium involving Spain's Repsol has submitted a development plan for Brazil's Lapa pre-salt oilfield as it steps up ultra-deepwater drilling in the Atlantic.

The plan was presented to local hydrocarbons regulator ANP following the completion of an appraisal program, Repsol said in its second-quarter results report on Thursday.

Formerly known as Carioca, Lapa has estimated reserves of 459Mboe, making it one of the largest discoveries to date in Brazil's pre-salt belt.

Repsol holds a 25% stake in the field, which is part of the Santos basin's BM-S-9 block. Brazil's state-run energy major Petrobras is the operator with 45%, while UK firm BG holds 30%.

According to Petrobras' five-year business plan, the first oil is expected from Lapa in the second half of 2016.

Repsol said the consortium had also completed the first production phase for the nearby Sapinhoá field.

A fourth well began production on July 7, taking the field's total output to 30,000b/d.

Located at a depth of up to 7km, Brazil's pre-salt fields are tucked under a 2km carbonate crust below the Atlantic seabed.

LATAM PRODUCTION

Repsol said it added 30,000boe/d year-on-year from key global projects during Q2.

Among new startups were Margarita-Huacaya (Bolivia), Carabobo (Venezuela), Kinteroni (Peru) and Sapinhoá.

The Madrid-based company also reported offshore discoveries at the TSP block's Teak field in Trinidad and Tobago and the Campos basin's Seat 2 well in Brazil.

In Venezuela, Repsol is involved in the final pre-production stage for the offshore Cardón IV natural gas project.

"It will add more than 20,000boe/d to [our] production in 2015, increasing further over the next few years," the company said.

DOWNSTREAM BOOST

Repsol reported Q2 net income of 520mn euros (US$700mn), up 95% year-on-year.

Production shutdowns in Libya and rising exploration costs were offset by higher income from the downstream and natural gas segments, Repsol said.

Profit was also boosted by "resilient" refining margins and petrochemical efficiency programs, the firm added.

Repsol also slashed its net debt by more than half to 2.4bn euros in Q2 following a US$5bn payout for the expropriation of Argentina's YPF.