8th Africa Oil & Gas Trade and Finance Conference

Repsol-YPF:

North Africa Upstream Overview

Luis Carmona

Repsol YPF

General Manager Spain, Algeria & Morocco

Ex - General Manager Libya

Marrakech, April 2004

NOT AN OFFICIAL UNCTAD RECORD

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF at a GlanceRepsol YPF at a Glance

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF at a glance: • One of the top ten international Oil & Gas corporations

• 30 countries (leader in Spain & South America)

• 1.2 million BOEPD production

• 5 billion BOE oil & gas proven reserves

• 1.2 million BOPD refining capacity in 12 refineries

• 6,600 petrol stations

• 9 million natural gas customers

• 33,000 employees worlwide

• 37 billion € operating income in 2003

8th Africa Oil & Gas Trade and Finance Conference

Mexico

Argentina

Bolivia Brazil

Chile

ColombiaGuyana

Peru

Venezuela

Ecuador

Trinidad & Tobago

Algeria

Dubai

Libya

Italy

Kazakhstan

Indonesia

Morocco

PortugalSpain

Germany

Iran

USA

Cuba

DenmarkFrance

Sierra Leone Equatorial

Guinea

Saudi Arabia

Suriname

Up, Mid & Upstream activities

Repsol YPF Worldwide

8th Africa Oil & Gas Trade and Finance Conference

SOURCE Company’s reports

Repsol YPF E&P 2003 Oil & Gas Production

(BOEPD)

8th Africa Oil & Gas Trade and Finance Conference

0

200

400

600

800

1.000

1.200

2002 2003

Líquidos Gas

+13.2%

(KBOE/D)

1,132

1,000

E&P Oil and Gas Production 2003

8th Africa Oil & Gas Trade and Finance Conference

E&P in North AfricaE&P in North Africa

8th Africa Oil & Gas Trade and Finance Conference

LIBYA

MOROCCO

SPAIN

EGYPTALGERIA

TUNISIA

8th Africa Oil & Gas Trade and Finance Conference

Gas Production (mmscfd)

0

3.000

6.000

9.000

12.000

15.000

18.000

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Algeria Egypt Morocco Libya Tunisia

North Africa Production:Liquids: 4.3 million BOPD

Gas: 0.5 TCF / year

Reference: Wood Mackenzie – March 2004

Liquids Production ('000 bopd)

0500

1.0001.5002.0002.5003.0003.5004.0004.500

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

Algeria Egypt Morocco Libya Tunisia

8th Africa Oil & Gas Trade and Finance Conference

North Africa Proven Recoverable Oil & Gas Reserves at 1/1/2004 (mmboe)

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

Algeria Egypt Libya Tunisia

Produced Liquids Produced Gas

Remaining Liquids Remaining Gas

Reference: Wood Mackenzie – March 2004

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF in North AfricaRepsol YPF in North Africa

8th Africa Oil & Gas Trade and Finance Conference

REPSOL YPF IN NORTH AFRICA

LIBYA

MOROCCO

SPAIN

EGYPTALGERIA

TUNISIA

Net Investment 1990-2003: 2,328 million US$

8th Africa Oil & Gas Trade and Finance Conference

020.00040.00060.00080.000

100.000120.000140.000160.000180.000

Algeria Egypt Libya

Liquids Gas

0

200

400

600800

1.000

1.200

1.400

1.600

Algeria Egypt Libya

Liquids Gas

REPSOL YPF IN NORTH AFRICA

Oil & Gas 3P Reserves (MMBOE)

Repsol YPF year 2000 data100% Figures

Oil & Gas Production (BOEPD)

460,000 BOEPD 3,200 million BOE

8th Africa Oil & Gas Trade and Finance Conference

LIBYAOVERVIEW 2004

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF in Libya:

A successful story:

• First E&P contract (NC-115): December 1994

• First oil production from NC-115: December 2006

• Present production (100%): 200,000 BOPD (+)

• Present exploration acreage (100%): 138,00 km2 (*)

(*) Repsol YPF operated: 118,00 km2 – Non-operated: 20,000 km2)

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF Oil Production (100% - BOPD)

0

50.000

100.000

150.000

200.000

250.000

1996 1997 1998 1999 2000 2001 2002 2003

Repsol YPF in Libya

8th Africa Oil & Gas Trade and Finance Conference

Present Main Oil Fields Production in Libya (BOPD)

0

100.000

200.000

300.000

400.000

500.000

600.000

700.000

800.000

Bu

Att

ife

l

Na

ffo

ra-

Au

gila

Inti

sa

r

Gh

an

i-Z

en

ad

Am

al

As

Sa

rah

NC

11

5 -

El

Sh

ara

ra

Bo

uri

NO

CO

pe

rate

dF

ield

s

2003 Figures / Wood Mackenzie

Repsol YPF Operated

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF in Libya

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF (operated blocks)Non Operated Blocks

Repsol YPF in Libya

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REPSOL YPF Murzuq Basin

8th Africa Oil & Gas Trade and Finance Conference

ALGERIA

OVERVIEW 2004

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF in Algeria:

• Exploration activities since more than 30 years

• First oil production (Issaouanne): November 1998

• First gas production (TFT): March 1999

• Present production (100%): 193,000 BOEPD

• Present exploration acreage (100%): 26,000 km2

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF Oil & Gas Production (100% - BOEPD)

0

50.000

100.000

150.000

200.000

250.000

1998 1999 2000 2001 2002 2003

Liquids Gas

Repsol YPF in Algeria

8th Africa Oil & Gas Trade and Finance Conference

Ghadames/Basin

AtchanUplift

TihembokaArch

Berkine

TindoufBasin

Reggane

Basin

Ougarta Chain

Den

Berhous

Saddle

Meharez-Oued- Hamous Uplift

CheliffBasin

High Plateau

Timimoun Basin

Saharan / Tunisian Atlas

Benoud Trough

AllalHigh

Djofara

BjourSub-Basin

Ahnet Basin

Idjeran

e Sp

ur

Mouydir

Basin

Oued MyaBasin

TilrhemtUplift

Tellian Atlas

Amguid

Spur

Hassi Messaoud

El BiodHigh

Melrhir Trough

Touggourt Uplift

Hodna BasinSudTellian Atlas

SE ConstantinePlateau

Madjerda Basin

BerkineBasin

Illizi

Basin

KechabtaBasin

Mediterranean Sea

Hoggar Massif

Bechar Basin

MAURITANIA

MOROCCO

MALI

LIBYA

TUNISIA

NIGER

0 250 500

Km

SPAIN

Azzene High

Repsol YPF in Algeria

Reggane

Illizi

Berkine

Ahnet

8th Africa Oil & Gas Trade and Finance Conference

Exploration:

Block Berkine 2,317 Km2

Blocks Reganne 12,012 Km2

Blocks M’Sari Akabli 11,688 Km2

Total 26,017 km2

Production (100%):

TFT 187,000 BOEPD

TFR/TIM/BEQ 6,000 BOEPD

Total 193,000 BOEPD

TFTTFT

IssaouaneIssaouane

Algier

Hassi Messaoud

Hassi R´Mel

Berkine (401d)Berkine (401d)

Production Exploration

RegganeReggane(351c-352c)(351c-352c)

Repsol YPF in Algeria

M’Sari AkabliM’Sari Akabli(332a,341a3,339a1,337a1)(332a,341a3,339a1,337a1)

Regane Basin

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF in Algeria – Current Acreage

REGGANE

M’SARI AKABLI

401 d

TFT

ISSAOUANE

8th Africa Oil & Gas Trade and Finance Conference

OOIP- 391 MMBOBBR-ROD

OOIP- 155 MMBOSFNE

OOIP- 138 MMBOBSF

OOIP- 93 MMBORDB

25 KM

OOIP- 70 MMBOKA

HASSI KESKESSA

OOIP-1350 MMBO1.3 TCF

OOIP-2000 MMBO650 BCF

HASSI BERKINE SUD

OOIP->2000 MMBO667 BCF

OURHOUD

BLOCK-401d (BERKINE BASIN)

401 d

8th Africa Oil & Gas Trade and Finance Conference

MOROCCOOVERVIEW 2004

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF in Morroco

Exploration Acreage:

Blocks

- Tanger-Larache 1,2,3

5,458 Km2

Repsol YPF 75%

- Rimella A,B,C,D,E (*)

9,035 km2

Repsol YPF 20%

(*) Subject to Approval

Tanger-Larache

Rimella

8th Africa Oil & Gas Trade and Finance Conference

Initial Prospectivity

Blocks Tanger – Larache 1,2 & 3

2D Seismic Programme 2004 (1,100 km)

Exploration project start-up: Dec 2003

8th Africa Oil & Gas Trade and Finance Conference

Old 2D seismic New 2 D Seismic (on-board processing)

Blocks Tanger – Larache 1,2 & 3

8th Africa Oil & Gas Trade and Finance Conference

Repsol YPF committed to North Africa:

• Partnership with National Oil & Gas Companies

• Cultural and long links with North African countries

• Taking the whole exploration risks and sharing the benefits (Production Sharing Contracts)

• High Investments

• High return to the countries

8th Africa Oil & Gas Trade and Finance Conference

Repsol-YPF:

North Africa Upstream Overview

Luis Carmona

Repsol YPF

General Manager Spain, Algeria & Morroco

Ex - General Manager Libya

Marrakech, April 2004