Repsol-YPF, through its affiliate YPF Brasil SA, has signed four agreements with the National Petroleum Agency (ANP) of Brazil to explore and produce oil and gas in deep water offshore from Brazil.

The blocks, obtained during the first round of concessions granted by ANP, are BM-C-4, BM-C-3, BM-ES-2 and BM-CAL-1.

Block BM-C-4, with a surface area of 2,777 km², is located in deep water in the Campos Basin. YPF Brasil S.A holds a 45% stake, and Agip Oil do Brazil, with 55%, operates the block.

Block BM-C-3, also in the Campos Basin, covers a surface area of 1,660 km². This consortium comprises the operator, Petrobras, with 40%, Agip Oil do Brazil, also with 40%, and YPF Brasil S.A., with the remaining 20%.

In the BM-ES-2 block, in the Espirito Santo Basin, with a surface area of 2,400 Km², YPF Brasil S.A. has a 27.5% stake. This block is operated by Unocal, with 40.5%, and Texaco owns the remaining 32%.

Block BM-CAL-1 was won by YPF Brasil S.A. in conjunction with Petrobras. This field is in the Camam�-Almada Basin, and covers 1,300 Km². YPF Brasil S.A. has a 50% stake.

The first round of concessions granted by ANP on blocks for exploration in Brazil presented a good opportunity, fully exploited by YPF Brasil S.A., which won the four blocks it tendered for. Two of these are considered by the industry to be the most promising of all those offered.

This allocation is technologically challenging in that the newest techniques will be required to explore these deep and ultra-deep waters.

Success in obtaining these contracts is an important step forward in the Repsol-YPF goal to establish, in the shortest time possible, a project mix likely to find large reserves of oil and gas.