EXPLORATION & PRODUCTION Northwestern Basin

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1 10. APPENDIX 43

2 EXPLORATION & PRODUCTION Northwestern Basin NW BASIN Total Area: km2 Wells drilled: 970 Production Wells (2002): 89 NOROESTE Repsol YPF - NW BASIN Production: 59 k BOE/d Oil Reserves: 59 M Bls Gas Reserves: 49 B m3 Mainly a gas basin O C EA N O A TLA N TIC O Gas pipelines to Northern Chile and Buenos Aires Refinor Refinery 44

3 EXPLORATION & PRODUCTION Cuyana Basin CUYANA BASIN Total Area: km2 Wells drilled: 2440 Production Wells (2002): 934 CUYANA Repsol YPF CUYANA BASIN Production: 42 k BOE/d Oil Reserves: 150 M Bls Gas Reserves: 0.4 B m3 Only Oil O C EA N O A TLA N TIC O Pipelines Luján de Cuyo Refinery 45

4 EXPLORATION & PRODUCTION Neuquina Basin NEUQUINA BASIN Total Area: km2 Wells drilled: Production Wells (2002): 5460 Repsol YPF - NEUQUINA BASIN Production: 453 k BOE/d Oil Reserves: 844 M Bls Gas Reserves: 197 B m3 Oil and Gas basin (The best) Gas pipelines to Chile and Bs.As. Mega Plaza Huincul Refinery NEUQUINA O C EA N O A TLA N TIC O 46

5 EXPLORATION & PRODUCTION Golfo San Jorge Basin GOLFO SAN JORGE BASIN Total Area: km2 Wells drilled: Production Wells (2002): Repsol YPF GOLFO S.J. BASIN Production: 141 k BOE/d Oil Reserves: 332 M Bls Gas Reserves: 8 B m3 Mainly an Oil basin Low Recovery Factor GOLFO SAN JORGE O CEANO ATLANTICO Recent Gas discovery 47

6 EXPLORATION & PRODUCTION Austral Basin AUSTRAL BASIN Total Area: km2 Wells drilled: 1820 Production Wells (2002): 450 Repsol YPF AUSTRAL BASIN Production: 22 k BOE/d Oil Reserves: 14 M Bls Gas Reserves: 13 B m3 Oil and Gas basin O C EA NO A TLA N TIC O On Shore and Off Shore Gas pipelines to Chile and Bs.As. AUSTRAL 48

7 REFINING AND MARKETING Argentine Crude Oils : Export Logistics North Basin RLC Cuyana Basin Formo sa RLP to Paraguay Ships Railroad Pipelines Rosales - LP Q = 2150 m3/h Allen - Rosales Q = 1500 m3/h P.Hdez - LC Q = 400 m3/h P.Hdez - Chile Q = 750 m3/h to Chile RPH P. Hernandez Allen Neuquen Basin Pto. Rosales Imported crude oils Exportaciones Golfo San Jorge Basin Comodoro Rivadavia Austral Basin Punta Loyola 49 San Sebastián

8 REFINING AND MARKETING Service Stations Network in Argentina Service Stations Distribution in Argentina 27% 31% Repsol YPF Petrobras Shell Esso 13% 18% 11% Other + White Pump Gasoline Stations Number of Service Stations: : 6,096 Ow n Data: June 30,

9 REFINING AND MARKETING Service Stations by Type of Operation Resale 24% 454 OPESSA 7% Red XXI OPESSA Resale 131 Red XXI 69% 1319 Number of Service Stations: 1,904 Ow n data: June

10 LPG The LPG Argentine Market Bottling Bulk Mature market with a low growth rate Very competitive market High negotiation power with distributor / retailer Plant Installed overcapacity Good product offer Inadequate regulations control Presence of small companies with high level of informality In the process towards formalization Recent development - 6 years Repsol YPF Gas is the leader in its development Repsol YPF Ga s has 50,000 active clients Moderate entry barriers Main competitors: Shell Gas, TotalGaz, Extragas, Amarilla Gas, Areco Gas Regional competitiveness PRICES DEREGULATED THROUGHOUT THE WHOLE CHAIN 52

11 ARGENTINA Argentina and Repsol YPF Argentina Repsol YPF in Argentina % PROVEN GAS RESERVES Billion m % GAS PRODUCTION MM m3/d % 53 Annual Data Source: Secretary of Energy

12 Metrogas S.A. OPERATIONS Country's largest distributor Covered area: 2,150 km 2 3 City Gates: Buchanan - Gutiérrez - Ezeiza Distribution network: 15,774 km Firm transportation capacity: 22.8 MM m³/day GASA % BG 45.33% Repsol YPF THE MARKET City of Buenos Aires and South of Greater Buenos Aires. Clients: 1.9 million Distributed gas volume: 5,755 MM m³ (year 2002) Annual Revenues: 719 MM $ (fiscal year 2002) METROGAS 70% GASA 10% PPP 20% NYSE/BCBA 54

13 Gas Natural BAN OPERATIONS Country's highest growth distributor, second largest distributor. Covered area: 15,000 km 2 Distribution network: km. GN Ban is a Gas Natural Group Company Others 30% Gas Natural SDG 19% THE MARKET North and West of Greater Buenos Aires and Province of Buenos Aires. Clients: 1.2 million Distributed gas volume: 3,300 MM m³ (year 2002) Annual Revenues: 436 MM $/year (fiscal year 2002) Invergas 51% Invergas is a Gas Natural subsidiary 55

14 GAS NATURAL Y ELECTRICIDAD Electricity Generation: Argentina and Repsol YPF GENERATION CAPACITY MW Argentina (1) Repsol YPF % 23, (1) 3,4% 1,800 (2) 7,7% (1) According to our interest in each project (2) At 100% of the projects Nuclear Argentina Generation Capacity (MW) Thermal: 12,733 Hydro Thermal Hydro: Nuclear: Source: CAMMESA

15 NATURAL GAS AND ELECTRICITY Electricity Generation: Argentina and Repsol YPF (cont.) World Latin American Argentina Argentina vs the World % INSTALLED CAPACITY MW 1, % 57

16 NATURAL GAS AND ELECTRICITY Repsol YPF Power Plants Power Energy Gas MW GWh/year MMm3/d % Interest Filo Morado % CTT 430 3, % CTSMT 340 2, % CDS , % Chihuido % Pza. Huincul % Los Perales % 58

17 NATURAL GAS AND ELECTRICITY Natural Gas Distribution Companies Gasnor Gas NEA Mesopotamia Litoral Gas Ecogas Centro Gas Natural BAN MetroGas Ecogas Cuyo Camuzzi Gas Pampeana Camuzzi Gas del Sur 59

18 NATURAL GAS AND ELECTRICITY Natural Gas Distribution Companies Gas Natural BAN MetroGas 60

19 CHEMICALS Petrochemical Investments in Argentina PROJECT INVESTMENTS MM US$ PRODUCTS MEGA 690 Ethane, LPG, Gasoline Profertil 680 Urea / Ammonia PBB Polisur 875 Ethylene (Enlargement) Polyethylene (Enlargement) Metanol 140 Methanol 61

20 CHEMICALS Integration YPF BAHÍA BLANCA PROFÉRTIL (50%) NATURAL GAS UREA ( 1,100 KT/YEAR) AMMONIA (750 KT/YEAR) YPF PBB Polisur (28%) PBB Polisur (28%) ETHANE ETHYLENE (700 KT/YEAR ) POLYETHYLENE 600 KT/YEAR YPF NATURAL GAS PLAZA HUINCUL REFINERY METHANOL PROJECT (100%) METHANOL (411 KT/YEAR) RE-VAMP (+328 KT/YEAR) 62 MAXIMUM INTEGRATION BETWEEN UPSTREAM AND BASE CHEMICALS

21 CHEMICALS Integration (cont.) ENSENADA PLANT LA PLATA REFINERY NAPHTA AROMATICS UNIT (600 KT/YEAR) OLEFIN UNIT (429 KT/YEAR) BENZENE CYCLOHEXANE TOLUENES XYLENES PP (PETROKEN) OXO ALCOHOLS PROPYLENE PROPANE MTBE, BUTENE, BUTANE C4 FRACTION MAXIMUM INTEGRATION BETWEEN REFINERIES AND BASE AND DERIVATIVE CHEMICALS 63