July 7 (Bloomberg) -- Repsol YPF SA, Spain’s biggest oil producer, said existing global oil reserves will meet supply needs for 40 years while gas reserves will last for 60 years.

New areas of exploration such as offshore blocks in Brazil and Siberia will add to future reserves, Nemesio Fernandez Cuesta, general director of upstream at Madrid-based Repsol, said today at a conference in the Spanish capital.

Global oil and gas discoveries may post the biggest decline this year since 1992, Sanford C. Bernstein & Co. said in a report yesterday. Some 3 billion barrels of oil equivalent of proven and probable hydrocarbons have been discovered this year, Bernstein said.

To contact the reporters on this story: Brian McGee in Madrid at bmcgee3@bloomberg.net; Joao Lima in Lisbon at jlima1@bloomberg.net

Last Updated: July 7, 2009 05:43 EDT