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Repsol YPF operates The sales of its own chain account for Repsol YPF supplies oil products not only through its own sales network but also through other operators. Repsol YPF believes that its network of refineries in Spain positions it to be a competitive supplier of oil products to other operators. The Spanish market for petroleum products is a mature market. The Repsol Supercor service stations sell a wide variety of consumer goods in addition to gasoline.
This represents approximately The sale included service stations, in addition to commercial and logistic infrastructure and other complementary businesses, such as industrial and aviation sales and lubricants. The sale included service stations, in addition to commercial and logistic infrastructure and other complementary businesses, such as convenience stores, direct sales and asphalts. Other Petroleum Markets. Repsol YPF also sells petroleum products to the industrial, marine and aviation markets.
Products sold in these markets include diesel fuel, kerosene, fuel oil, lubricants, asphalt, petroleum coke and other derivative products.
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Sales of LPG during the last three years by region and type of product were as follows:. Sales volume of LPG. Others 1. Bulk, pipeline and others 2. Table of Contents Spain. Repsol Butano supplies bottled LPG to more than While the vast majority of its sales of bottled LPG are to the household market, it also sells LPG in bulk form to industrial, commercial and household customers for use as a fuel. Bottled LPG is used almost exclusively as a household fuel for cooking, water heaters and, in some cases, heating. Bulk LPG sales remained stable and pipeline sales increased 4.
Bottled LPG accounted for Repsol Butano sold 1. In , approximately The distribution agents deliver LPG to retail customers at home. As a result of the sales decline in , Repsol Butano is adjusting the number of plants on the market to optimize the network. Repsol YPF has 16 plants in operation at the end of , from the initial 19 plants which supplied bottled, bulk and pipelined LPG at the end of , 13 plants which supply bottled, bulk and pipelined LPG and 3 plants which supply LPG to bulk and pipelined clients exclusively.
The acquisition became effective in April following its approval by the relevant antitrust authorities. Other Markets. Repsol YPF produces, distributes and directly markets petrochemical products principally in Europe. Repsol YPF leads the Spanish market in basic and derivative petrochemical products, polymers and intermediate products. Additionally, Repsol YPF also produces rubber, styrene derivatives, in addition to fine chemicals. Production capacity. Basic petrochemicals. Derivative petrochemicals.
Polyethylene 1.
Intermediate Products. Propylene oxide, Polyols, Glycols and Styrene Monomer. Rubber 2. Others 3. Petrochemical sales by type of product. Petrochemical sales by region. Repsol YPF classifies its derivative petrochemicals products in two categories: polyolefins, and intermediate products. Intermediate products include a wide variety of petrochemical products, such as styrene, propylene oxide, glycols, polyols, acrylonitrile, rubber and fine chemicals. Additionally, investments have been made to improve Repsol YPF's existing units and to achieve greater efficiency and cost reductions as well as improving product quality and safety and environmental standards.
Repsol YPF has eight cogeneration facilities which are integrated into Spanish refineries, with a total capacity of MW. Repsol YPF has four cogeneration facilities integrated into petrochemical centers in Spain and Portugal, with a total capacity of MW. The electricity produced through these facilities is either used for self-consumption or sold on the market. Other Upstream activities in YPF include the supply and sale of natural gas and natural gas liquids in Argentina.
In , crude oil and natural gas production in Argentina, on a boe basis, decreased by 4. Table of Contents although work stoppages and pipeline issues have on occasion contributed to production and capital project delays.
Due to some problems that affected the main pipeline of Magallanes UTE located in the Tierra del Fuego province, oil and gas production was stopped between December and March In addition, 3. These works, long-delayed by unfavorable weather conditions, finalized the first months of the year and began to operate in March recovering the production of the fields.
Royalties, local taxes and withholding on exports. Number of Development Wells. Number of Exploratory Wells.
The table below provides additional detail for the projects that have exploratory well costs capitalized for a period greater than one year from the date of completion:. Because YPF mainly has concessions for mature oil and gas fields that are undergoing natural production declines, it is difficult to replace proved reserves from other categories of reserves. YPF continues executing the PLADA Plan de Desarrollo de Activos initiative, which encompasses comprehensive reviews of its oil and gas fields, to identify opportunities in the light of new technologies and design novel strategies to rejuvenate old fields and optimize the development of new fields in the complex setting of the Argentine basins.
Table of Contents similar to the ones YPF is evaluating. Nevertheless, the financial viability of these investments and reserve recovery efforts generally will depend on the prevailing economic and regulatory conditions in Argentina, as well as the market prices of hydrocarbon products. The exploration activity in had two main focuses:. Offshore : perforation efforts in shallow water projects began in October using the Ocean Scepter Jack Up equipment. In February , the well drilled proved to be unproductive.
Onshore : drilling activity was focused in exploration of remaining areas within production blocks.
Table of Contents In , a total of 1, km2 were subject to three-dimensional seismic testing in areas operated by YPF and km2 in areas operated by other companies in which YPF participates. Also, km were subject to two-dimensional seismic testing in areas operated by other companies in which YPF participates. With respect to production initiatives, YPF continued to improve its facilities and focus its efforts to improve operating efficiencies at its key oil and gas properties.
The aim of the project is to add compression and align surface facilities to produce wet gas in separator units in the Loma La Lata Field in low pressure to mobilize the reserves. Tight Gas opportunities are being evaluated through a pilot in Lajas Fm. The Concessions were extended for ten years, until YPF is engaged in efforts, through the PLADA program, to mitigate the decline in its reserves and production by adding reserves through field delineation, and technological enhancements aimed at improving its recovery factors through secondary recovery and geologically-optimized infill drilling.
Table of Contents started in late , following a rigorous Project Management methodology. During a total of 44 conceptualization studies were finalized on 38 Areas of Reserves. The updated resources base now contemplates development opportunities, forming the base for strategic planning and much of the budget and operational activities.
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Nevertheless, the financial viability of these investments and reserve recovery efforts will generally depend on the prevailing economic and regulatory conditions in Argentina, as well as the market prices of hydrocarbon products. YPF estimates based on preliminary reports of amounts delivered by transport companies that natural gas consumption in Argentina totaled approximately 1, Bcf in and that the number of users connected to distribution systems throughout Argentina amounted to approximately 7. The domestic natural gas market has grown significantly over recent years, driven by economic growth, domestic constraints on natural gas prices since following the currency devaluation and export constraints.
However, YPF does not believe that the natural gas market will continue to grow at the same pace as in recent years. As a consequence of the energy crisis in Argentina, since the Argentine government has established resolutions and regulations which regulate both the export and internal market, including issuing injection orders pursuant to Resolutions No. In January , Decree No. Domestic market prices at the retail market level were excluded from these negotiations. Subsequently, the Argentine government has taken a number of additional steps aimed at satisfying domestic natural gas demand, including pricing regulations, export controls and higher export taxes and domestic market injection requirements.