Consejo Mundial de Energía Foro Biregional de América del Norte y de América Latina y el Caribe

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JUNIO DE 2006

Consejo Mundial de Energía

Foro Biregional de América del Norte y

de América Latina y el Caribe

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Disclaimer

Safe harbor statement under the Private Securities Litigation Reform Act of 1995:

This document contains statements that Repsol YPF believes constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief or current expectations of Repsol YPF and its management, including statements with respect to trends affecting Repsol YPF’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, as well as Repsol YPF’s plans with respect to capital expenditures, cost savings, investments and dividend payout policies. These statements are not guarantees of future performance and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol YPF’s control or may be difficult to predict.

Repsol YPF’s future financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volumes, reserves, capital expenditures, cost savings, investments and dividend payout could differ materially from those expressed or implied in any such forward-looking statements. Such factors include, but are not limited to, currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental and regulatory considerations and general economic and business conditions, as well as those factors described in the filings made by Repsol YPF and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in Argentina and the Securities and Exchange Commission in the United States; in particular, those described in Section 1.3 “Key Information about Repsol YPF Risk Factors” and Section 3 “Operating and Financial Review and Prospects” in Repsol YPF’s annual report on Form 20-F for the fiscal year ended December 31, 2004 filed with the Securities and Exchange Commission.

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3

The Camisea Project Incorporates

Three Separately Owned Elements

Upstream

•Block 88, awarded in 2000

• Initial investment approx. $750 million • Facilities startup in August 2004 •Block 56 development:

•Startup planned for mid-2008

Pipeline

• Concession awarded in 2000 to Transportadora de Gas del Peru’ (TGP) • Initial investment of approx. $830 million • 729 km gas pipeline to Lima

• 548 km liquids pipeline to Pacific Coast port of Pisco LNG Pluspetrol 27.2% Hunt Oil 25.2% SK 17.6% Repsol 10.0% Sonatrach 10.0% Tecpetrol 10.0% Hunt Oil 50% SK 30% Repsol 20% Tecgas 23.6% Sonatrach 21.2% Hunt Oil 12.4% Pluspetrol 12.4% SK 11.2% Repsol 10.0% Tractebel 8.0% Grana y Montero 1.2%

Stage 1

Stage 2

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Project Overview

ECUADOR

COLOMBIA

BRAZIL

B

O

LI

V

IA

Lima

PERU

Acre Titicaca Lake

PACIFIC OCEAN

Cryogenic Cryogenic Plant Plant LPG LPG Plant Plant Buoy Buoy GAS GAS LIQUIDS LIQUIDS

Camisea

CONDENSATE CONDENSATE EXPORTS EXPORTS _LPG_LPG LNG LNG Plant Plant LNG EXPORTS LNG EXPORTS

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5 30 km BLOCK 57 65 00 00 BLOCK 58 71 00 00 BLOCK 88 77 00 00 8640000 8700000 8760000 BLOC_{K 56} NUEVO MUNDO LA PERUANITA MALVINAS

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Upstream Assets

–

Blocks 88 and 56 infrastructure

–

Malvinas - separation and cryogenic

facility in the rainforest

–

Pisco - fractionation facility on the

Pacific Coast

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7

San Martín 3 Drill Dite (Block 88)

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Upstream - Commercial

–

Sales of natural gas take place at the

tailgate of the Malvinas plant

–

Purchasers are responsible for arranging

for transportation with TGP

–

Liquids ownership is retained by the

upstream until it is sold after fractionation at

Pisco

–

Liquids sales: LPG, diesel and naptha

• Propane and butane sold locally with

surplus exported

• diesel sold locally and naptha is

exported.

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9

Upstream Background

–

Block 88 was awarded to the consortium in December, 2000

–

Block 56 License officially signed on September, 2004

–

The concessions has a term of 40 years

–

The Government participates via a royalty scheme

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Gas Reserves (TCF)*

0 2,000

4,000

6,000

8,000

10,000

12,000

14,000

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11

Planta de PERU LNG en Pampa

Melchorita

–

4.4 MMt/a LNG plant located in Pampa

Malchorita on the Pacific coast of Peru, 169

km south of Lima

–

560-km 34-inch pipeline linking the

rainforest portion of the existing TGP

pipeline to the LNG plant

–

Supply of natural gas from Block 56 and

Block 88 in the Camisea gas fields

–

The total LNG output sold to Repsol

Comercializadora de Gas under an 18 year

LNG Sales and Purchase Agreement

signed on 29 July 2005

–

FID targeted for Q3 2006

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LNG Processing Plant – Perú LNG

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13

PLNG – Commercial Overview

–

The LNG plant will have the same benefits that the Upstream Partners

enjoy through the Hydrocarbon Promotion Law

–

Stability was extended to the PLNG Project upon signing of an

Investment Agreement with the Government of Peru

–

PLNG purchased 522 hectares for plant site

"

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LNG Gas Supply

Lote 88

8,6

Lote 56

3,0

Local

(20 Años)

2,7

Peru LNG

4,2

0

2

4

6

8

10

12 TCF

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15

LNG Plant Development

–

Permitting Status

• Plant EIA approved in June 2004; amendment for major modifications expected approval

2

nd

_-3

rd

_{quarter 2006}

• Various construction and site permits have been filed with expected approvals by 2

nd