EXPLORATION & PRODUCTION

Transcription

1 EXPLORATION & PRODUCTION 23

2 Strategic lines oriented to Near term performance improvement Long term diversified profitable growth Based on Countries and Basins where we have competitive advantages Leader in gas in Latin America Being efficient in key performance indicators Focus on Existing core assets On-going Projects for Growth New opportunities 24

3 Solid assets. Worldwide presence Repsol YPF is present in 19 countries, operator in 16 USA Cuba Spain Algeria Libya Kazakhstan Azerbaijan Dubai Colombia Ecuador Trinidad Venezuela Guyana Malaysia Peru Bolivia Brazil Indonesia Operator Non-operator Argentina Gross Production: Gross Operated Production: Net Production: 2,400 kboepd 1,300 kboepd 1,030 kboepd 25

4 Concentration in areas with competitive advantages Argentina Operation Leadership Operating efficiency Know how Cost efficiency Libya and Algeria Major operator Cost efficiency Latin America (Bolivia, Venezuela, Ecuador,..) One of the biggest Operators Large reserves of Gas Cost efficiency 26

5 Leader in gas in Latin America Repsol YPF 3P Net Reserves 35 TCF (991 BCM) (*) USA & Mexico (E) (LNG) Venezuela 3 2 / 6 Trinidad Spain & Europe (LNG) USA & Mexico (W) (LNG) Bolivia 16 Brazil (S) Pipeline Data at March 31th 2001 (*) 39 TCF Includes 30% of T & T in 2003 Chile 14 Argentina Brazil (S) Pipeline End 2000 Exploration potential not included 27

6 The Integrated Chains. LNG and Piped Gas LNG Origin T&T Bolivia Others Destination Spain/Caribbean/USA USA/ Mexico/ Pacific Coast Spain/Caribbean/USA Piped Gas Origin Argentina Bolivia Venezuela North Africa Destination Argentina/SE Brazil/Chile Brazil Venezuela Spain 28

7 Cost efficiency 10 ($/Boe) 200% Finding Cost F&D Cost Reserve Replacement (*) Industry range Repsol YPF % 150% 100% 50% 0% Source: PFC (*) Without acquisitions or divestments 29

8 Net Lifting Costs High grading our efficiency Repsol YPF Lifting cost : $2.5 boe T&T 1.6 Spain 1.1 Libya 0.8 Venezuela 2.8 Algeria 1.6 Dubai 1.6 Ecuador 4.2 Argentina 2.2 Neuquen: 1.5 Colombia 3.3 Bolivia 2.1 Indonesia

9 Transactions Impact on production 500 Producción kbep/d Acquisitions Net Balance Divestments Including divestment in Indonesia in 2001 GOOD BASE FOR PROFITABLE GROWTH 31

10 Re-structuring & highgrading our Portfolio in exploration assets SPAIN 10 Atlantic Off. Blocks (Canary Islands ) 2 Med. Off. Blocks (request) CUBA 6 Off. Blocks IRAN (under negotiation) VENEZUELA Block Quiriquire LIBYA Block NC-190 Packages 1 & 2 Exp. Rd. (negot.) ARGENTINA Block La Banda, Piedra Chenque(Neuquén Exp. Rd.) BRAZIL 9 Off. Blocks (Santos, Campos & Espiritu Santo Basins ) 32

11 Main actions taken to offset production decline in Argentina ARGENTINA Chihuido de la Sierra Negra Field (Rincon de los Sauces Area) Neuquén Basin Las Heras Field Gulf San Jorge Basin 33

12 Project Drill 600 in a mature area (Las Heras) k Bbl/d # drilling rigs Drilling of additional wells (E) (E) Project Drill 600 in a mature area (Las Heras) Technical costs: 10 $/Barrel Number of drilling rigs Oil Production 34

13 Chihuido de la Sierra Negra Field Production and Injection (kbblpd) Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Oil Total Fluid Water Injection Production Dec 00-May 01 Example of best practices in large scale water-flooding project. Focus on slowing production decline. Technical costs: 7.3 $/Barrel 90 01/12/00 30/01/01 31/03/01 30/05/01 35

14 Consolidated net production. Liquids and Natural Gas 1,600 1,200 kboepd 1,000 Aprox. 7.8% 1, (*) LIQUIDS GAS Egypt Indonesia Notes: Includes 100% production of Andina (37.3 k boepd in 2001, 136 k boepd in 2005). (*) Does not include Indonesian Assets. It includes only on going projects. 36

15 Pathway for growth up to 2005 Argentina 18.3% Venezuela 14.2% Trinidad 25% 3.8% Ecuador- 3.3% Brazil 6.5% 29% Others Bolivia DIVERSIFIED GROWTH 37

16 Pathway for growth up to 2005 GAS hbolivia: Bolivia To Brazil (BTB) ht&t: Atlantic LNG trains 2, 3 & 4 hvenezuela: gas from Quiriquire & Yucal-Placer hargentina: gas exports to Brazil & Chile LIQUIDS hecuador: OCP (Heavy oils pipeline) hvenezuela: Tácata hlibya: Murzuq hspain: Chipirón 38

17 Pathway for growth up to Bolivia (Andina 100%) Contracted sales for the pipeline Bolivia Brazil (*) 40 million m3/d % (*) It does not include Margarita 39

18 Pathway for growth up to Trinidad & Tobago BEP / D Repsol YPF Net Production

19 Pathway for growth up to Venezuela Development Gas Quiriquire Mene Caracas Grande Yucal Placer Barrancas Guarico Quiamare La Ceiba Quiriquire Development Tácata Field VENEZUELA Development Gas Yucal Placer 41

20 Strong reserves & resources potential B boe 10 Oil Gas 5 Risked Exploration Potential (*) Probable+ Possible Proven 0 (*) Exploration resources with risk 1 st Q 2001 Hydrocarbon Resources 42

21 Strong reserves & resources potential outside Argentina Growth potential outside Argentina Proven Reserves Bolivia Probable, Possible & Risked Expl. Potential Others LAM 20% 9% Caribbean & Venezuela 54% 9% Rest of World 58% 13% Rest of World 25% 12% Caribbean & Venezuela Argentina Argentina 43

22 Cost ratios RATIOS ($/Boe) Proforma Target 2001/05 Finding Cost Finding & Development Cost Lifting Cost

23 Investment plan Million Euros Exploration 1,513 Development 6,913 Acquisitions & Others 1,157 E&P 9,583 45

24 Development projects included in the plan Argentina Facilities for gas production Secondary recovery Infill wells in Gulf San Jorge Rest of LAM Bolivia & Ecuador fields developments Ecuador pipeline: OCP 47 % 22 % 17 % 14 % Caribbean & Venezuela Development of Quiriquire, Tacata & Yucal-Placer T&T additional trains Rest of the World Developments in Libya and Spain 46

25 ROCE E&P ROCE TARGET (*) % 2005 > 18% Brent $16.0 bbl Brent $16.0 bbl ( * ) Oper. Inc. After Tax excl Goodwill Amort. / Average Capital Employed excl. Goodwill 47