Repsol Awarded Exploration Rights in Libya

Repsol YPF has been awarded exploration rights from the National Oil Company of Libya. Repsol YPF will explore and produce in the NC186 area of the Murzuq oil field. The company also is the operator on three other areas in the Murzuq field. Repsol is expected to invest $155 million in the project and produce 40,000 barrels per day of crude starting in the first quarter of 2004. Production from the field will be transported via pipeline to Repsol YPF's El-Sharara field and from there to the Mediterranean port of Zavia. The field has recoverable reserves of 140 million barrels.