Repsol and Petrobras estimates a total of 550 mboe in a discovery made in January in the Piracuca well in Brazil.
Repsol signed a one year contract with Ecuador giving the country a greater share of its oil profits. It also recently agreed to pay Ecuador $447 million in taxes and interest.
Repsol declared a loss of €105 million, compared with a net profit of €740 million in the year-earlier quarter.
Repsol made a large light oil discovery at the Buckskin prospect in ultra-deep waters off the Gulf of Mexico. The reserve is located at a depth of 10,000 meters.