Repsol-YPF has reached an agreement with BP-AMOCO to sell the latter part of its stake in Crescendo Resources. The deal is divided into two parts, in such a way that BP Amoco acquires a significant portion of the assets for $500 million which, together with the sale of the remaining assets, will bring Repsol a revenue of nearly $600 million. Sale of the remaining shares is expected to be completed shortly, and Petrie Parkman and Co. are acting as advisors to Crescendo Resources in this operation.

Crescendo Resources LP is a company producing natural gas in the State of Texas, U.S.A., in which Repsol-YPF holds a 59% stake, and BP-AMOCO the other 41%.

Proved reserves belonging to Crescendo Resources amount to 34 billion cubic metres of gas, and daily production is currently 6.6 million cubic metres of natural gas and 25,000 barrels of oil.

According to Jorge Segrelles, Corporate Director of External and Investor Relations for Repsol-YPF, "This deal is part of the divestment programme announced by Repsol-YPF after the acquisition of the latter, and it will allow us to significantly reduce our corporate debt. Indeed, 1999 divestment has been greater than that originally announce to the market last July."