Repsol YPF Wins 16 Exploration Areas in Brazil

Repsol YPF has been awarded 16 offshore exploration areas in Brazil in the latest round of concessions organized by the National Petroleum, Natural Gas & Bio-fuel Agency of Brazil. Repsol YPF will be operator of eleven areas, and partnered by international oil companies, such as Statoil (Norway), Amerada Hess (USA), BG Energy (UK) and Petrobrás (Brazil) in the other five.

All these areas are located in the country's three main offshore producing basins: the Campos, Espíritu Santo and Santos Basins. The company already owned concessions on another eight offshore exploration blocks in Brazil, thus reaching a total of twenty-four blocks.

By winning this tender, Repsol YPF has become the second largest oil company, behind the state-owned Petrobras, in terms of the number of exploration blocks in Brazil, and has strengthened its position in Latin America and helped to reinforce the degree of energy integration in the region.

The areas awarded, all at a depth of between 100 and 2,500 meters, are as follows: 1 block in the Campos Basin, north of Rio de Janeiro (50% Repsol YPF, 50% Statoil); 2 blocks in the Espíritu Santo Basin, in the Espíritu Santo region (one operated 100% by Repsol YPF and the other belonging 40% to Repsol YPF and 60% to Amerada Hess); 13 blocks in the Santos Basin which lies on the coast of Sao Paolo: 9 with Repsol YPF as operator and the other 4 in association with Petrobrás and BG Energy.

This deal forms part of Repsol YPF's Strategic Plan 2005-2009, which focuses on upstream as the company's main growth driver for coming years.

Repsol YPF in Brazil

In Brazil, Repsol YPF is engaged in the Exploration & Production and Refining & Marketing businesses.

In Exploration & Production, as of 31 December 2004, the company held mining rights on 9 offshore blocks: 8 offshore exploration blocks covering a total net surface area of 2,717 km2, and 1 development block, also offshore, with a 22 km2 net surface area. Proved reserves as of that date were estimated at 40.9 million boe.

The company owns 10% of the Albacora Leste field, currently under development and scheduled to reach a full production in 2007-2008 of 150,000 barrels per day. Total reserves at this field are 567 million boe (534 MBbl of oil + 183 BCF of gas), of which 409 million boe are proven.

In refining, Repsol YPF owns 2 refineries (REFAP and Manguihnos), and has 502 service stations, 47 of these company owned and company operated.


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