Repsol activities in: Argentina Bolivia Brazil

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  Argentina
  
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  Bolivia
  
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  Brazil
  
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  Chile
  
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  Colombia
  
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  Cuba
  
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  Ecuador
  
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  Guyana
  
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  Mexico
  
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  Peru
  
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  Trinidad and Tobago
  
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  Suriname
  
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  Venezuela
  

Argentina 2007

At 31 December 2007, Repsol YPF held mineral rights over 109 blocks in Argentina, with a net area of 75,473 km2: 18 exploration blocks, with a net surface of 49,362 km2, and 91 exploitation blocks with a total net area of 26,111 km2 , located in the Nequina, Cañadon Asfalto, Bolsones Intermontanos, Golfo San Jorge, Austral, Colorado Marina, Cuyana, Noroeste, and Falkland Island basins.

The year's net production was 120.3 Mbbl of liquids, including condensed liquids and liquids separated from natural gas, and 655.1 bscf of natural gas, with an equivalent total annual net production of 236.9 Mbep.

Average daily net production levels by corresponding area in 2007 were as follows: Neuquina (438.1 kbepd), Golfo de San Jorge and Austral (135.7 kbepd), Cuyana (27.4 kbepd) and Noroeste (48.0 kbepd).

Proven net liquid and natural gas reserves at the end of the year were estimated at 1,283 Mbep. 

During 2007, 23 exploratory surveys were completed leading to a total of 6 discoveries (Los Cavaos Este x-2, Borde Sur del Payun x-1, Estancia Baltaza x-3, Rincon Amarillo x-5, Borde Sur del Payun x-1s, Arroyo Gamma SE x-2001) and 17 negatives. The period's 3D seismic register reached 1,536.9 km2 in operated areas (Colorado basin) and 1,076.4 km2 in non-operated areas (Neuquina and Austral basins).

• During the year, the acquisition and processing of the Colorado Marina seismic programme was completed. The preparation work continued for the deep water drilling campaign and the tendering process began for the purchase of a jackup for drilling in Golfo San Jorge.

• The onshore 3D seismic programmes continued in different blocks in the Tierra del Fuego region operated by the company Apache (of which Repsol YPF holds 30%). This comprises a total of 1,974 km2, of which 1,728 km2 correspond to exploration. It is scheduled to be completed during the first quarter of 2008.

• On 14 June 2007, Resolution SE No. 599/2007 was published in the official gazette, ratifying the agreement with natural gas producers for its supply to the domestic market from 2007 to 2011. The purpose of the agreement is to guarantee supply for the demand recorded in the domestic market during 2006. The producers who signed the agreement committed to supplying part of the demand in accordance with the proportions established for each producer based on their production percentages over the 36 months prior to April 2004.

• Resolution 394/2007 was published on 16 November 2007 and modifies the retention structure for crude and derivatives exports.

• During 2007, PLADA studies enabled identification of proven reserves, non proven reserves and resources of 121 Mbep, and their inclusion in the reserves books. Around 240 opportunities are being studied and, as the studies progress, resources are being quantified with a greater degree of certainty.