Repsol YPF has reached an agreement with the German company RWE-DEA whereby the latter acquires Repsol YPF�s stake in three exploration and production blocks in the Nile Delta. This agreement will take effect as of January 1^st, 2001, and is subject to approval by the Egyptian government, and to the pre-emptive rights of the other partners to the aforementioned blocks.

The price for this deal is $80 million, and includes the North Alexandria block (where Repsol YPF is operator with a 50% stake), and the West Mediterranean (33.3%), East Delta North (25%), and East Delta South (45.5%) blocks. The first two exploration areas are offshore, whilst the other two are on-land exploitation concessions with proved reserves and net productions of little importance.

This deal with RWE-DEA brings Repsol YPF asset divestment in Egypt to a close, with a final balance of $578 million.

In a similar operation, on March 22^nd 2001, Repsol YPF closed the sale of its assets in the Western Desert of Egypt to the North American company, Apache, for $410 million, further to an agreement originally announced at the end of January last.

In all, E&P asset divestments throughout the world since June 1999 have raised $2,133 million.