In North Africa, Repsol YPF participates in important projects reinforcing its strategic goal of upstream integration in natural gas.

In Algeria, Repsol YPF has a 30% stake in the Tin Fouy� Tabankort field, providing 119 million barrels of oil equivalent in proved reserves, or the equivalent of 2.6% of current proved reserves. This field went on stream at the beginning of 1999 and reached a current net production for Repsol YPF of 8,700 barrels of condensate and LPG, and over 3 million cubic metres of gas.

In the Issaouanne block, Repsol YPF operates three fields:  Tifernine (TFR) with five producing wells, which began to produce oil in November 1998, and Tin Mesnaguene (TIM) and Bir El Quetara (BEQ), discovered in 1993 and 1994, where two wells in each field started producing oil in 1999.

At December 31^st 1999, proved reserves in Algeria amounted to 40.7 million barrels of oil and liquids, and 14,047 million cubic metres of natural gas.

In Egypt, Repsol YPF is currently the third largest producer.  Average daily production (100%) in which Repsol YPF participates surpassed 106 thousand barrels of oil and 8.4 million cubic metres of gas, of which Repsol YPF receives a net 28,000 barrels of oil and 2 million cubic metres of gas.  In 1999, the Western Desert gas development (GOSWD) went on stream, with the start up of the Salam gas treating plant, with a capacity for processing over 5.6 million cubic metres of gas per day from Khalda for its transmission and sale to the Compa��a Nacional EGPC in Alexandria.

Repsol YPF also has a stake in other producing fields in Egypt, and a discovery was made at the North Alamein concession in 1999.

In Libya, Repsol YPF is the second largest foreign producer and the most efficient.  Over the past two years, three new blocks have been added to the exploratory acreage, and exploration activity continues with Repsol YPF as operator.  Daily production reached 156,000 barrels per day, with possibilities to produce 200,000 barrels per day were it not for OPEC limitations.