43

10. APPENDIX

44

EXPLORATION & PRODUCTIONNorthwestern Basin

O CEANO ATLANTICO

NORO EST E

R epsol YPF - NW BASINProduction: 59 k B OE/dOil Reserves: 59 M B lsGas Reserves: 49 B m3

NW BASINTota l Area: 158000 km2 W ells drilled: 970 Production W ells (2002): 89

• Mainly a gas basin

• Gas p ipelines to Northern Chile and Buenos Aires

• Refinor Refinery

45

EXPLORATION & PRODUCTIONCuyana Basin

O CEANO ATLANTICO

Repsol YPF – CUYANA BASINProduction: 42 k B OE/dOil Reserves: 150 M BlsGas Reserves: 0.4 B m 3

C UYANA BASINTota l Area: 58000 km 2 W ells drilled: 2440 Production W ells (2002): 934

• Only Oil

• Pipelines

• Luján de C uyo Refinery

CUYAN A

46

EXPLORATION & PRODUCTIONNeuquina Basin

O CEANO ATLANTICO

Repsol YPF - NEUQUINA BASINProduction: 453 k BOE/dOil Reserves: 844 M BlsGas Reserves: 197 B m 3

NEUQU INA BASINTota l Area: 125000 km2 W ells drilled: 12640 Production W ells (2002): 5460

• Oil and Gas basin (The best)• Gas p ipelines to Chile andBs.As.• Mega• Plaza Huincul Refinery

NEUQ UINA

47

EXPLORATION & PRODUCTIONGolfo San Jorge Basin

OCEANO ATLANTICO

Repsol YPF – GOLFO S.J. BASINProduction: 141 k BOE/dOil Reserves: 332 M BlsGas Reserves: 8 B m 3

GOLFO SAN JORGE BASINTotal Area: 92000 km 2 W ells drilled: 29600 Production W ells (2002): 10030

• Mainly an Oil basin

• Low Recovery Factor

• Recent G as discovery

GOLFO SAN JORGE

48

EXPLORATION & PRODUCTIONAustral Basin

O CEANO ATLANTICO

Repsol YPF – AU STRAL B ASINProduction: 22 k B OE/dOil Reserves: 14 M B lsGas Reserves: 13 B m3

AUSTRAL BASINTota l Area: 145000 km2 W ells drilled: 1820 Production W ells (2002): 450

• Oil and Gas basin

• On Shore and Of f Shore

• Gas p ipelines to Chile andBs.As.

AUST RAL

49

Argentine Crude Oils : Export LogisticsArgentine Crude Oils : Export LogisticsArgentine Crude Oils : Export Logistics

ShipsShipsRailroadRailroadPipelinesPipelines

Rosales Rosales -- LP LP Q = 2150 m3/hQ = 2150 m3/hAllenAllen -- RosalesRosales Q = 1500 m3/hQ = 1500 m3/hP.P.HdezHdez -- LCLC Q = 400 m3/hQ = 400 m3/hP.P.HdezHdez -- ChileChile Q = 750 m3/hQ = 750 m3/h

CuyanaBasin RLPRLP

RLCRLC

RPHRPHNeuquen

Basin

AustralBasin

Golfo SanJorge Basin

NorthBasin

Pto. Rosales

Comodoro Rivadavia

PuntaLoyola

San Sebastián

to Chile

to Paraguay

Exportaciones

Imported crude oils

P.P. Hernand ezHernand ez

AllenAllen

Formo saFormo sa

REFINING AND MARKETINGREFINING AND MARKETING

50

31%

11%18%

13%

27% Repsol YPF

Petrobras

Shell

Esso

Other + White PumpGasoline Stations

Service Stations Network in ArgentinaService Stations Network in ArgentinaService Stations Network in ArgentinaREFINING AND MARKETINGREFINING AND MARKETING

Service Stations Distribution in Argentina

Number ofNumber of Service StationsService Stations: 6,096: 6,096Own Data: June 30, 2003

51

Red XXI69%

OPESSA7%

Resale24%

Red XXIOPESSAResale

131

1319

454

Number ofNumber of Service Stations: 1,904Service Stations: 1,904

Service Stations by Type of OperationService Stations by Type of OperationREFINING AND MARKETINGREFINING AND MARKETING

Own data: June 30 2003

52

Mature market with a low growth rateVery competitive marketHigh negotiation power with distributor / retailerPlant Installed overcapacityGood product offerInadequate regulations controlPresence of small companies with high level of informalityIn the process towards formalization

LPG The LPG Argentine MarketLPG The LPG Argentine Market

Bottling Bulk

Recent development - 6 yearsRepsol YPF Gas is the leader in its developmentRepsol YPF Gas has 50,000 active clients Moderate entry barriersMain competitors: Shell Gas, TotalGaz, Extragas, Amarilla Gas, Areco GasRegional competitiveness

PRICES DEREGULATED THROUGHOUT THE WHOLE CHAIN

53

Argentina and Repsol YPFArgentina and Argentina and Repsol Repsol YPFYPF

Source: Secretary of Energy

ARGENTINA ARGENTINA

Annual Data

Argentina

Repsol YPFin

Argentina %

GAS PRODUCTIONMM m3/d

PROVEN GAS RESERVES Billion m3

125

663

44

240

36%

36%

54

Metrogas S.A.Metrogas S.A.

70% GASA10% PPP20% NYSE/BCBA

45.33% Repsol YPF

54.67 % BGGASA

METROGAS

OPERATIONS• Country's largest distributor• Covered area: 2,150 km2

• 3 City Gates: Buchanan - Gutiérrez - Ezeiza• Distribution network: 15,774 km • Firm transportation capacity: 22.8 MM m³/day

THE MARKET•City of Buenos Aires and South of Greater Buenos Aires.

• Clients: 1.9 million•Distributed gas volume: 5,755 MM m³ (year 2002)

••Annual Revenues:Annual Revenues: 719 MM $ (fiscal year 2002)

55

Gas Natural BANGas Natural BAN

OPERATIONS• Country's highest growth distributor, second largest distributor.• Covered area: 15,000 km2

• Distribution network: 20.369 km.

THE MARKET• North and West of Greater Buenos Aires and Province of Buenos Aires.• Clients: 1.2 million• Distributed gas volume: 3,300 MM m³ (year 2002)

• Annual Revenues:: 436 MM $/year (fiscal year 2002)

GN Ban is a Gas Natural Group Company

Gas Natural SDG19%

Invergas51%

Others30%

Invergas is a Gas Natural subsidiary

56

Electricity GenerationElectricity Generation: Argentina : Argentina and and Repsol YPFRepsol YPF

Repsol YPF

Source: CAMMESA

GENERATION CAPACITYMW

%Argentina (1)

(1) According to our interest in each project

(2) At 100% of the projects

Hydro

Nuclear

Thermal

Thermal: 12,733Hydro: 9.540Nuclear: 1.005

Argentina Generation Capacity (MW)

GAS NATURAL Y ELECTRICIDADGAS NATURAL Y ELECTRICIDAD

23,278 800 (1) 3,4%

1,800 (2) 7,7%

57

1,130 800 800 71%

Latin American ArgentinaWorld

INSTALLED CAPACITYMW

Electricity GenerationElectricity Generation: Argentina: Argentina andand Repsol YPF (Repsol YPF (contcont.).)NATURAL GAS AND ELECTRICITYNATURAL GAS AND ELECTRICITY

Argentina vs the

World %

58

Power Energy GasMW GWh/year MMm3/d

Filo Morado 63 450 0.8 50%CTT 430 3,200 2.0 45%CTSMT 340 2,500 1.6 45%CDS 775+70 6,000 3.0 40%Chihuido 37 310 0.3 100%Pza. Huincul 37 270 0.3 100%Los Perales 74 550 0.6 100%

Repsol YPF Power PlantsRepsol YPF Repsol YPF Power PlantsPower PlantsNATURAL GAS AND ELECTRICITYNATURAL GAS AND ELECTRICITY

%Interest

59

Gas Natural BANGas Natural BAN

MetroGasMetroGas

Litoral GasLitoral Gas

Gas NEAGas NEA MesopotamiaMesopotamia

EcogasEcogas CentroCentro

EcogasEcogas CuyoCuyo

GasnorGasnor

CamuzziCamuzzi Gas PampeanaGas Pampeana

CamuzziCamuzzi Gas del SurGas del Sur

Natural Gas Distribution CompaniesNatural Gas Distribution CompaniesNATURAL GAS AND ELECTRICITYNATURAL GAS AND ELECTRICITY

60

MetroGasMetroGas

Gas Natural BANGas Natural BAN

Natural Gas Distribution CompaniesNatural Gas Distribution CompaniesNATURAL GAS AND ELECTRICITYNATURAL GAS AND ELECTRICITY

61

CHEMICALSCHEMICALSPetrochemical Investments Petrochemical Investments in Argentinain Argentina

PROJECT

MEGA 690 Ethane, LPG, GasolineProfertil 680 Urea / Ammonia

PBB 875 Ethylene (Enlargement)PolisurPolyethylene (Enlargement)

Metanol 140 Methanol

MM US$INVESTMENTS PRODUCTS

62

PLAZA HUINCUL REFINERY

METHANOL(411 KT/YEAR)

METHANOL PROJECT (100%)

MAXIMUM INTEGRATION BETWEEN UPSTREAM AND BASE CHEMICALS

NAT

URAL

G

AS

BAHÍA BLANCA

UREA ( 1,100 KT/YEAR)

AMMONIA (750 KT/YEAR)

YPFPROFÉRTIL (50%)

ETH

ANE ETHYLENE

(700 KT/YEAR )POLYETHYLENE

600 KT/YEAR

YPF PBB Polisur (28%)

NATU

RAL

GAS

YPF RE-VAMP(+328 KT/YEAR)

IntegrationIntegrationIntegrationCHEMICALSCHEMICALS

PBB Polisur (28%)

63

LA P

LATA

REFI

NER

Y

NAPHTA AROMATICS UNIT(600 KT/YEAR)

BENZENE

CYCLOHEXANETOLUENES XYLENES

PROPYLENEPROPANE

C4 FRACTION

OLEFIN UNIT (429 KT/YEAR)

PP (PETROKEN)OXO ALCOHOLSMTBE, BUTENE,BUTANE

ENSENADA PLANT

MAXIMUM INTEGRATION BETWEEN REFINERIES AND BASE AND DERIVATIVE CHEMICALS

Integration (cont.)Integration (cont.)Integration (cont.)CHEMICALSCHEMICALS