Repsol-YPF Outlines Spending Plan through 2007

Repsol-YPF SA will invest EUR17.54 billion through 2007, with over half going into exploration and production projects. The remaining budget is earmarked for refining and marketing, electricity and gas projects as well as its chemicals business. The company's strategic plan calls for developing new fields in Latin America and north Africa, specifically Argentina, Trinidad and Tobago, Venezuela, Bolivia, and Libya. These investments will total approximately EUR 9.11 billion. Last month, the company said it would invest $700 million in Venezuelan E&P projects through 2008. Investment in Libya will total approximately $90 million. Repsol currently operates around 15% of Libya's oil and gas production in cooperation with Libyan National Oil Company.

Repsol said it hopes to fund these investments entirely with cashflow, meaning no extra debt will be incurred.