1. 8 th 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

2. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF at a Glance

3. 8 th 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

4. 8 th Africa Oil & Gas Trade and Finance Conference Mexico Argentina Bolivia Brazil Chile Colombia Guyana Peru Venezuel a Ecuador Trinidad & Tobago Algeria Dub ai Libya Italy Kazakhstan Indonesia Morocco Portugal Spain Germany Iran USA Cuba Denmark France Sierra Leone Equatorial Guinea Saudi Arabia Suriname Up, Mid & Upstream activities Repsol YPF Worldwide

5. 8 th Africa Oil & Gas Trade and Finance Conference SOURCE Company’s reports Repsol YPF E&P 2003 Oil & Gas Production (BOEPD)

6. 8 th Africa Oil & Gas Trade and Finance Conference +13.2% (KBOE/D) 1,132 1,000 E&P Oil and Gas Production 2003

7. 8 th Africa Oil & Gas Trade and Finance Conference E&P in North Africa

8. 8 th Africa Oil & Gas Trade and Finance Conference LIBYA MOROCCO SPAIN EGYPT ALGERIA TUNISIA

9. 8 th Africa Oil & Gas Trade and Finance Conference North Africa Production: Liquids:4.3 million BOPD Gas:0.5 TCF / year Reference: Wood Mackenzie – March 2004

10. 8 th Africa Oil & Gas Trade and Finance Conference Reference: Wood Mackenzie – March 2004

11. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF in North Africa

12. 8 th Africa Oil & Gas Trade and Finance Conference REPSOL YPF IN NORTH AFRICA LIBYA MOROCCO SPAIN EGYPT ALGERIA TUNISIA Net Investment 1990-2003: 2,328 million US$

13. 8 th Africa Oil & Gas Trade and Finance Conference REPSOL YPF IN NORTH AFRICA Oil & Gas 3P Reserves (MMBOE) Repsol YPF year 2000 data 100% Figures Oil & Gas Production (BOEPD) 460,000 BOEPD 3,200 million BOE

14. 8 th Africa Oil & Gas Trade and Finance Conference LIBYA OVERVIEW 2004

15. 8 th 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 km 2 (*) (*) Repsol YPF operated: 118,00 km2 – Non-operated: 20,000 km2)

16. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF in Libya

17. 8 th Africa Oil & Gas Trade and Finance Conference 2003 Figures / Wood Mackenzie Repsol YPF Operated

18. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF in Libya

19. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF (operated blocks) Non Operated Blocks Repsol YPF in Libya

20. 8 th Africa Oil & Gas Trade and Finance Conference REPSOL YPF Murzuq Basin

21. 8 th Africa Oil & Gas Trade and Finance Conference ALGERIA OVERVIEW 2004

22. 8 th 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 km 2

23. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF in Algeria

24. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF in Algeria Reggane Illizi Berkine Ahnet

25. 8 th Africa Oil & Gas Trade and Finance Conference Exploration: Block Berkine 2,317 Km 2 Blocks Reganne12,012 Km 2 Blocks M’Sari Akabli 11,688 Km 2 Total 26,017 km 2 Production (100%): TFT 187,000 BOEPD TFR/TIM/BEQ 6,000 BOEPD Total 193,000 BOEPD TFT Issaouane Algier Hassi Messaoud Hassi R´Mel Berkine (401d) Production Exploration Reggane(351c-352c) Repsol YPF in Algeria M’Sari Akabli (332a,341a3,339a1,337a1) Regane Basin

26. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF in Algeria – Current Acreage REGGANE M’SARI AKABLI 401 d TFT ISSAOUANE

27. 8 th Africa Oil & Gas Trade and Finance Conference OOIP- 391 MMBO BBR-ROD OOIP- 155 MMBO SFNE OOIP- 138 MMBO BSF OOIP- 93 MMBO RDB 25 KM OOIP- 70 MMBO KA HASSI KESKESSA OOIP- 1350 MMBO 1.3 TCF OOIP-2000 MMBO 650 BCF HASSI BERKINE SUD OOIP->2000 MMBO 667 BCF OURHOUD BLOCK-401d (BERKINE BASIN) 401 d

28. 8 th Africa Oil & Gas Trade and Finance Conference MOROCCO OVERVIEW 2004

29. 8 th Africa Oil & Gas Trade and Finance Conference Repsol YPF in Morroco Exploration Acreage: Blocks - Tanger-Larache 1,2,3 5,458 Km 2 Repsol YPF 75% - Rimella A,B,C,D,E (*) 9,035 km 2 Repsol YPF 20% (*) Subject to Approval Tanger-Larache Rimella

30. 8 th 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

31. 8 th Africa Oil & Gas Trade and Finance Conference Old 2D seismic New 2 D Seismic (on-board processing) Blocks Tanger – Larache 1,2 & 3

32. 8 th 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

33. 8 th 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