A new Venezuelan gas discovery revealed by Spanish oil firm Repsol YPF SA (REP) Friday could hold recoverable gas reserves equal to between 1.26 billion and 1.44 billion barrels of oil equivalent, a Repsol spokesman said Monday.

The company Friday said the find, made with Italy's Eni SpA (E), could hold between 7 trillion and 8 trillion cubic feet in reserves.

Repsol said the discovery is its largest gas find on record, but it still needs some weeks to complete tests before being able to confirm the initial reserve estimate.

Company Web site: http://www.repsol.com

-By Bernd Radowitz, Dow Jones Newswires, +34-91-395-8125, djmadrid@dowjones.com