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«Repsol around the world © Repsol 2000-2014 | | Legal notice | Accessibility | Contact | Request this report Report 2013 Upstream ...»

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Report 2013

Repsol around the world

© Repsol 2000-2014 | www.repsol.com |

Legal notice | Accessibility | Contact | Request this report

Report 2013

Upstream

Operations by

country

The oil and gas exploration and production activity is Repsol's main growth driver. The

company's exploration and production strategy is to increase both output and reserves,

maintaining its intense exploration activity, geographical diversification, operating excellence

and maximized return on assets. In just a few years, Repsol has become a world leader in exploration, with over 40 finds since 2008. To guarantee this activity in the long term, in 2013 Repsol incorporated 65 exploration blocks, mainly in the United States (44 blocks) and Norway (6 blocks), into its mining holdings.

The Repsol Upstream division encompasses oil and natural gas exploration and production, and manages its project portfolio in order to achieve profitable, diversified and sustainable growth while ensuring safety and environmental protection.

Operations established in 16 countries since 2005 2013 milestones Start of commercial exploitation at the Sapinhoá field (Brazil) Creation of the AROG joint venture between Alliance Oil (51%) and Repsol (49%), with operations in Russia Start of production in Syskonsyninskoye (Russia) Nine discoveries in Algeria, Alaska (United States), Brazil, Russia, Colombia and Libya Six new exploration licenses in Norway Launch of phase II of the Margarita-Huacaya project (Bolivia) Drilling in Brazil with the seventh-generation drillship Ocean Rig Mylos Entry into two new countries: Nicaragua and Romania Commissioning of a new gas well in Margarita-Huacaya (Bolivia) Application for declaration of commercial viability for the Carioca field (Brazil) The best technical team 1,852 1,745 1,634 1,577 1,487 1,377 2008 2009 2010 2011 2012 2013 The best equipment Seventh-generation drillship Able to drill in ultra-deep water (up to 3,700 meters) Ocean Rig Mylos, initially posted to Brazil Rowan Renaissance, initially posted to Namibia 2012 2013 Proven reserves (MMboe) 1,294 1,515 Proven reserve-replacement ratio (%) 204 275 Oil and gas net daily output (Mboe/d) 332 346 Operating profit (€ million) 2,208 1,757 Investments (€ million) 2,423 2,317 Operating profit € million 2012 2013 Variation (%) North

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At the 2013 year end, Repsol's Upstream division was involved in oil and gas exploration and production blocks in 31 different countries, either directly or through investees. The company was the operator in 25 of these projects.

–  –  –

Output In 2013, average output reached 346,000 barrels of oil equivalent per day, up 4% on 2012 (332,000 barrels of oil equivalent per day). The start-up of five of the ten major projects and fewer stoppages in Trinidad and Tobago offset the production downtime in Libya due to conflict in the country and the sale of 20% of block 16 in Ecuador. If Libya had operated normally, average output in 2013 would have been 8% higher than in 2012. Production in Libya resumed on January 4, 2014.

–  –  –

(*) Output value, between 0 and 1 Reserves At December 31, 2013, Repsol's proven reserves, estimated as per the US Securities and Exchange Commission's (SEC) conceptual framework for the oil and gas industry and in accordance with the criteria envisaged under the Petroleum Reserves Management System of the Society of Petroleum Engineers (PRMS-SPE), amounted to 1,515 MMboe, of which 422 MMboe (27.8%) comprise crude oil, condensates and liquefied gases, and the remaining 1,093 MMboe (72.2%) are natural gas.

In 2013, reserve trends were positive, with a total incorporation of 347 MMboe, mainly from the Cardón IV Project in Venezuela, incorporations in bpTT in Trinidad and Tobago and revised calculations in blocks 56 and 88 in Peru. In 2013, Repsol's proven reserves replacement ratio (measuring total additions of proven reserves over the period relative to period output) stood at 275% for crude oil, condensates, LPG and natural gas (87% for crude oil, condensates and LPG, and 401% for natural gas), outperforming the already excellent ratios recorded in 2012 (204%) and 2011 (162%). These new resources significantly bolster the company's future growth.

–  –  –

Upstream Operations by country The Upstream division around the world At December 31, 2013, the Upstream division held mining rights to 730 blocks, with a net surface area of 222,713 km2. Of these, 642 are exploration blocks with a net surface area of 212,596 km2. Repsol also participates in a major project involving unconventional resources at the Mississippian Lime play in the United States (net area: 1,530 km2). In 2013, Repsol completed 23 exploration wells, nine of which yielded finds and one of which is in test mode.

At year end, four exploration wells were being drilled or were pending completion.

Spain Exploration block Development/exploitation block At December 31, 2013, Repsol held mining rights to 29 blocks in Spain: 19 for exploration, with a net surface area of 7,267 km2, and 10 blocks in development covering a net area of 332 km2.

Through its installations in Casablanca, Rodaballo and Boquerón (Mediterranean Sea) and Poseidón (Bay of Cádiz), in 2013 Repsol produced a total of 2.3 MMb and 1.5 Bscf, representing a joint output of 2.5 MMboe (6,926 boe/d). Net proven oil reserves were estimated to total 3.9 MMboe at the 2013 year end.





2013 milestones In 2013, production at the Lubina and Montanazo fields surpassed two million barrels of oil, both combined. Production in these fields, discovered by Repsol in 2009, began in October

2012. Reserves from the fields, located in the Spanish Mediterranean Sea, are channeled through the Casablanca platform and sent as crude oil through a 43-kilometer oil pipeline to the Repsol refinery in Tarragona. Lubina and Montanazo have increased production on the platform five-fold. Thanks to the activity of both deposits, the productive life of other fields operating through the Casablanca platform will be extended for at least another decade. New fields could potentially be developed as well.

In 2013, the Casablanca platform obtained Integrated Management System certification under ISO 9001, ISO 14001 and OHSAS 18001. Casablanca applies the highest industry standards of integrity and security for this type of facility.

Repsol is the operator in both blocks, with a stake of 68.67% in Montanazo and 100% in Lubina.

In April 2013, the Spanish Ministry of Industry, Energy and Tourism approved the request submitted by Repsol in January to extend the Sirocco permit to search for gas in the seabed off the coast of Malaga. Repsol is the project operator, with 60%, while Gas Natural holds the remaining 40%. Works scheduled up to mid-2015 include drilling of an exploration well and the relevant production tests.

In 2013, the government authorized Repsol to survey the seabed in the Canary Islands.

Particularly, the Directorate-General of Energy and Mining Policy authorized Repsol to study the seabed off the coasts of Lanzarote and Fuerteventura. The results for the area, which includes the Canarias 1-9 blocks, will be incorporated into the Environmental Impact Assessment for the exploration wells. Repsol is the project operator with a 50% stake, in partnership with Woodside Energy Iberia (30%) and RWE Dea AG (20%).

In view of the results of its two-year studies, Repsol presented a request to waive the Turbón permit. This block is located in the Ebro Basin in Aragón.

Angola Exploration block At December 31, 2013, Repsol held mining rights to 15 blocks in Angola (including 12 with service contracts), covering a net area of 3,897 km2.

2013 milestones In April 2013, a new office was opened in Angola, one of the countries with the greatest potential for hydrocarbon exploration and production. Repsol operates in three exploration blocks (22, 35 and 37) officially included in the company's mining holdings in 2012. These contracts were signed with the state-owned company Sonangol in late 2011. Repsol is the operator of block 22, with a 30% holding, and has a 25% stake in block 35 (operated by Eni) and 20% of block 37 (operated by Conoco-Phillips).

Block 22 is located between two blocks in which deposits have been discovered (block 23 and block 21). Block 22 has similar characteristics to the Brazilian pre-salt layer and therefore has great potential for development. In 2013, the final seismic reports for the area were obtained. The first exploration well in the three blocks is slated for drilling in

2014. Repsol has chartered the seventh-generation ultra-deepwater drillship for the well, under a three-year contract with a possible two-year extension.

In 2013, Repsol signed a collaboration agreement with Sonangol to use Repsol's cuttingedge exploration technology already successfully deployed in Brazil. This technology, developed for the Caleidoscopio project, makes it possible to obtain high-quality images beneath seabed salt layers, reducing uncertainty in exploring thousands of meters beneath the subsoil by minimizing distortion in images caused by ocean floor salt. Under the terms of the agreement, a replica of the Caleidoscopio supercomputer will be installed in Angola and the knowledge and tools of the Sherlock deepwater oil exploration project will be applied. This project draws on Repsol's vast knowledge of geology, geochemistry and highresolution analytical chemistry. The aim is to analyze the different elements of an oil system in order to reduce geological risk and increase the exploration success rate.

Australia Exploration block At December 31, 2013, Repsol held mining rights to one exploration block in the country, with a net surface area of 12,548 km2.

2013 milestones In April 2013, the requisite environmental permits were secured to carry out a 3D seismic survey. Between May and July 2013, a total of 2,085 km2 were surveyed. This data is currently being interpreted by Repsol.

In August 2012, the Australian government awarded Repsol exploration license WA-480-P, after winning the bidding process carried out in April 2012. This offshore block, solely operated by Repsol, is at a depth of between 1,000 meters and 4,500 meters. The block is located about 280 kilometers from Port Hedland in the Pilbara region (northwestern Australia), in the northern Carnarvon Basin - the most prolific in Australia. The exploration license, corresponding to a high-potential border area, bears out Repsol's strategy to grow in Organization for Economic Co-operation and Development (OECD) countries.

Aruba Exploration block At December 31, 2013, Repsol owned mining rights to one exploration block in the country, with a net surface area of 14,360 km2.

2013 milestones In February 2013, Repsol opened a permanent representation office in the capital city of Oranjestad. A production sharing agreement in the country was signed in December 2012, and the block was included in the company's official mining holdings in 2013. Water depths range between 50 meters and 4,000 meters, depending on the site. The contract foresees an exploration period of eight years, divided into four phases. Repsol is the operator, with a 100% interest in the project.

In the first quarter of 2013, Repsol registered nearly 3,600 km of 2D seismic data. This data was fully processed by year end. Once the 2D survey data has been interpreted, a 3D seismic survey will be defined and registered in 2014.

Algeria Exploration block Development/exploitation block At the 2013 year end, Repsol held mining rights to three blocks in Algeria: one exploration block, with a net surface area of 2,162 km2, and two development blocks, with a net surface area of 998 km2.

Net output for the year was 0.9 MMb of liquids and 11 Bscf of natural gas, representing total net production equivalent to 2.9 MMboe (7,834 boe/d), originating especially from the TFT block (operated jointly with Sonatrach and Total) and, to a lesser extent, the Issaouane block operated by Repsol. Net proven reserves of liquids and natural gas at the end of the year were estimated to total 29.3 MMboe. In 2013, 3D seismic data was registered for a 784 km2 area.

Repsol's activities in Algeria mainly entail operation of a production project (Tin-Fouyé Tabenkort), a large gas development undertaking considered a key part of the 2012-2016 Strategic Plan (Reggane), and efforts to make progress on the SE Illizi exploration project.

2013 milestones In April 2013, a second gas discovery was made in the SE Illizi block in south-eastern Algeria. The new find came through the Tin Essameid Est-i (TDE-1) well. The find comes off the back of the success in the same block, at the Tihalatine South-i (TIHS-1) well in late 2012.

The TDE-1 well was drilled to a total depth of 1,512 meters. During the initial drilling tests of a 56 meter hydrocarbon column, a volume of 235,000 cubic meters/day of gas was obtained.

In 2013, Sonatrach was presented with the demarcation plan for the discoveries made in the first exploration period, as well as the start of the second exploration phase.

Repsol is the operator for the exploration phase of the SE Illizi block, with a 25.7% holding in the contract. The other partners are Enel SpA (13.5%) and GDF Suez (9.8%), while the remaining 51% stake is held by the Algerian state-owned company Sonatrach.

In July 2013, the Front End Engineering Design (FEED) was completed for the surface facilities at the important Reggane development project. A call to tender was put out for the detailed engineering and construction contract for the gas treatment plant, the export pipeline and the collection system connecting the wells to the plant. Also in 2013, bids were sought for the drilling rigs. The first wells are slated for drilling in 2014.

In September 2013, a 3D seismic survey was started in the Reggane field, with further campaigns to come for the Azrafil SE and Kahlouche South fields.

This gas project in the Algerian Sahara comprises the development of six fields (Reggane, Kahlouche, South Kahlouche, Sali, Tiouliline and Southeast Azrafil), all located in the Reggane Basin, about 1,500 kilometers southwest of Algiers.

Repsol holds a 29.25% stake in the project consortium, alongside the Algerian state-owned company Sonatrach (40%), Germany's RWE Dea (19.5%), and Edison of Italy (11.25%).

In September 2013, upon expiry of the 15-year operation period granted, the partners



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