Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Spain, Country Snapshot 11
2.1 Spain, Key Data 11
2.2 Spain,
Exploration And Production Assets Map 12
2.3 Spain, Crude Oil & Natural
Gas Reserves 13
3 Spain, Crude Oil And Natural Gas Production 15
3.1
Spain, Historical Crude Oil Production 15
3.2 Spain, Historical Natural
Gas Production 16
3.3 Spain, Crude Oil and Natural Gas Producing Asset
Details 17
3.4 Spain, Crude Oil Production Assets by Area 18
3.5
Spain, Natural Gas Production Assets by Area 18
3.6 Spain, Crude Oil
Production by Company 20
3.7 Spain, Natural Gas Production by Company
20
4 Spain, Crude Oil And Natural Gas Forecasts 21
4.1 Spain,
Forecasted Crude Oil Production 21
4.2 Spain, Forecasted Natural Gas
Production 21
4.3 Spain, Forecasted Crude Oil Production of Key Assets
22
4.4 Spain, Forecasted Natural Gas Production of Key Assets 22
4.5
Spain, Forecasted Asset Wise Gross Revenues 23
4.6 Spain, Forecasted Asset
Wise Total Government Take 23
4.7 Spain, Forecasted Asset Wise Income Tax
24
4.8 Spain, Forecasted Asset Wise Contractor Take 24
5 Spain,
Exploration Block Details 25
5.1 Spain, Total Number of Active Exploration
Blocks 25
5.2 Spain, Total Number of Active Exploration Blocks by Company
26
5.3 Spain, Exploration Blocks Details 27
6 Repsol YPF, S.A. 31
6.1 Repsol YPF, S.A., Key Information 31
6.2 Repsol YPF, S.A., Company
Overview 31
6.3 Repsol YPF, S.A., Business Description 31
6.3.1 Repsol
YPF, S.A., Business Description, Business Overview 31
6.3.2 Repsol YPF,
S.A., Business Description Chemicals 32
6.3.3 Repsol YPF, S.A., Business
Description, Exploration and Production 33
6.3.4 Repsol YPF, S.A.,
Business Description, Gas and Electricity 34
6.3.5 Repsol YPF, S.A.,
Business Description, Refining and Marketing 35
6.3.6 Repsol YPF, S.A.,
Business Description, Major Products and Services 36
6.4 Repsol YPF, S.A.,
Value Chain Analysis 37
6.4.1 Repsol YPF, S.A., Value Chain Analysis,
Upstream 37
6.4.2 Repsol YPF, S.A., Value Chain Analysis, Midstream 38
6.4.3 Repsol YPF, S.A., Value Chain Analysis, Downstream 39
6.4.4 Repsol
YPF, S.A., Value Chain Analysis, Retail 39
6.5 Repsol YPF, S.A., SWOT
Analysis 40
6.5.1 Repsol YPF, S.A., SWOT Analysis, Overview 40
6.5.2
Repsol YPF, S.A., SWOT Analysis, Strengths 40
6.5.3 Repsol YPF, S.A., SWOT
Analysis, Weaknesses 41
6.5.4 Repsol YPF, S.A., SWOT Analysis,
Opportunities 42
6.5.5 Repsol YPF, S.A., SWOT Analysis, Threats 43
6.6
Repsol YPF, S.A., Revenue Analysis 45
6.6.1 Repsol YPF, S.A., Revenue
Analysis, Revenue by Segment 45
6.6.2 Repsol YPF, S.A., Revenue Analysis,
Revenue by Geography 46
6.7 Repsol YPF, S.A., Financial and Operational
Review 47
6.7.1 Repsol YPF, S.A., Financial and Operational Review,
Financial Statements 47
6.7.2 Repsol YPF, S.A., Financial and Operational
Review, Financial Ratios 48
6.7.3 Repsol YPF, S.A., Financial and
Operational Review, Operational Indicators 49
7 Compania Espanola de
Petroleos, S.A. 50
7.1 Compania Espanola de Petroleos, S.A., Key
Information 50
7.2 Compania Espanola de Petroleos, S.A., Company Overview
50
7.3 Compania Espanola de Petroleos, S.A., Business Description 50
7.3.1 Compania Espanola de Petroleos, S.A., Business Description, Business
Overview 50
7.3.2 Compania Espanola de Petroleos, S.A., Business
Description, Exploration and Production 51
7.3.3 Compania Espanola de
Petroleos, S.A., Business Description, Gas and Power 52
7.3.4 Compania
Espanola de Petroleos, S.A., Business Description, Petrochemical Derivatives
53
7.3.5 Compania Espanola de Petroleos, S.A., Business Description,
Refining and Marketing 54
7.3.6 Compania Espanola de Petroleos, S.A.,
Business Description, Major Products and Services 56
7.4
Compania Espanola de Petroleos, S.A., Value Chain Analysis 57
7.4.1
Compania Espanola de Petroleos, S.A., Value Chain Analysis, Upstream 57
7.4.2 Compania Espanola de Petroleos, S.A., Value Chain Analysis, Midstream
58
7.4.3 Compania Espanola de Petroleos, S.A., Value Chain Analysis,
Downstream 59
7.4.4 Compania Espanola de Petroleos, S.A., Value Chain
Analysis, Retail 59
7.5 Compania Espanola de Petroleos, S.A., SWOT
Analysis 60
7.5.1 Compania Espanola de Petroleos, S.A., SWOT Analysis,
Overview 60
7.5.2 Compania Espanola de Petroleos, S.A., SWOT Analysis,
Strengths 60
7.5.3 Compania Espanola de Petroleos, S.A., SWOT Analysis,
Weaknesses 62
7.5.4 Compania Espanola de Petroleos, S.A., SWOT Analysis,
Opportunities 62
7.5.5 Compania Espanola de Petroleos, S.A., SWOT
Analysis, Threats 64
7.6 Compania Espanola de Petroleos, S.A., Revenue
Analysis 65
7.6.1 Compania Espanola de Petroleos, S.A., Revenue Analysis,
Revenue by Segment 65
7.6.2 Compania Espanola de Petroleos, S.A., Revenue
Analysis, Revenue by Geography 66
7.7 Compania Espanola de Petroleos,
S.A., Financial and Operational Review 67
7.7.1 Compania Espanola de
Petroleos, S.A., Financial and Operational Review, Financial Statements
67
7.7.2 Compania Espanola de Petroleos, S.A., Financial and Operational
Review, Financial Ratios 68
7.7.3 Compania Espanola de Petroleos, S.A.,
Financial and Operational Review, Operational Indicators 69
8 Spain
Exploration and Production Industry,Deals Landscape 70
8.1 Acquisition
70
8.1.1 Nuon Acquires 100% Interest In Nederland Petroleum From
ConocoPhillips 70
8.1.2 Suroco Energy Acquires NCT Corporacion Petrolera
Latinoamericana 71
8.1.3 Leni Gas Acquires Compania Petrolifera de Sedano
From Ascent Resources 72
8.1.4 Sacyr Vallehermoso Acquires Minority
Interest In Repsol From Citigroup And Banco 74
8.1.5 Sacyr Vallehermoso
Acquires 9.24% Interest In Repsol 76
8.1.6 Total Acquires 4.35% Shares Of
Cepsa 77
8.1.7 CEPSA To Sell Intercontinental Quimica To LA SEDA DE 79
8.2 IPO 81
8.2.1 REPSOL Completes Private Placement Of $65.27 Million
81
8.3 Debt Offerings 82
8.3.1 Repsol YPF Completes Private Placement
Of $1239.7 Million 82
8.4 Partnership 84
8.4.1 Burgundy Global
Exploration Enters Into Partnership With Union Fenosa 84
8.4.2 Suncor
Energy Forms Joint Venture With Acciona Energy 85
8.4.3 CEPSA Forms Joint
Venture With Hyundai Oilbank Co. 86
8.4.4 Petroleo Brasileiro Forms Joint
Venture With Energia Argentina And Repsol 88
8.4.5 CEPSA And Abengoa
Bioenergy Form Joint Venture 89
8.4.6 Repsol And Irving Oil Forms A Joint
Venture 90
8.4.7 Repsol Forms A Joint Venture With Gas Natural SDG 91
8.4.8 Enel.FTL Signs Cooperation Agreement With Gas Natural 93
8.5 Asset
Transactions 94
8.5.1 RWE Dea Aacquires 30% Interest In Onshore Blocks
From Repsol 94
8.5.2 Gold Oil Sells Its Remaining Stake In Ayoleungo Oil
Field To Leni Gas & Oil 95
8.5.3 Beach Petroleum Acquires 25% Interest In
Four Onshore Tenements From Serica Energy 96
9 Spain Exploration and
Production Industry, Recent Developments 98
9.1 License Awards 98
9.1.1 Jul 13, 2008: Algeria Invites Pre-Qualified Companies To Bid For Oil And
Gas Exploration 98
9.1.2 May 06, 2008: Wintershall Wins New Exploration
Licenses In Argentina 98
9.2 Strategy and Business Expansion 99
9.2.1
Oct 29, 2007: CEPSA' s Subsidiary, CEPSA Peru Enters Farm-In Agreement With
Loon Peru 99
9.3 Recent Discoveries 100
9.3.1 Jun 13, 2008: Repsol
Discovers New Oil Field In Santos Basin, Brazil 100
9.3.2 Jun 12, 2008:
Petrobras Discovers New Oil Accumulation In Pre-salt Layer, Santos Basin
100
9.3.3 Jan 14, 2008: Repsol Discovers New Gas Field In Peru 101
9.3.4 Jan 02, 2008: Repsol Discovers C1-NC210 Well In Libya 102
9.3.5 Dec
07, 2007: Repsol Discovers New Gas Field In Bolivia 102
9.3.6 Sep 10,
2007: Repsol Discovers Oil In Deep Waters Of Santos Basin In Brazil 103
9.4 Drilling and Production Updates 103
9.4.1 Jul 01, 2008: BGEC Signs
Agreement With UFG To Jointly Explore 1.3 Million Hectares In Sulu Sea
103
9.4.2 Apr 22, 2008: Leni Updates On Ayoluengo Field 104
9.4.3 Apr
14, 2008: Petrobras Clarifies On Discovery In The Carioca Area 105
9.4.4
Dec 13, 2007: Apache Updates On Well At Tierra Del Fuego, Argentina 106
9.4.5 Oct 08, 2007: BHP Billiton Begins Oil Production At Genghis Khan Field
106
9.5 Financial Announcements 106
9.5.1 Aug 28, 2008: CEPSA Reports
1H 2008 Results 106
9.5.2 Jul 31, 2008: Repsol Reports 1H 2008 Results
108
9.5.3 Jul 29, 2008: Gas Natural Reports 2Q 2008 Results 109
9.5.4
May 13, 2008: Repsol Reports Q1 2008 Results 110
9.5.5 May 09, 2008: Gas
Natural Reports 1Q 2008 Results 113
9.5.6 May 06, 2008: CEPSA Reports Q1
2008 Results 113
9.5.7 Feb 29, 2008: CEPSA Reports Q4 2007 Results 115
9.5.8 Nov 08, 2007: Repsol Reports Nine Months Ended 2007 Results 116
9.5.9 Nov 01, 2007: Repsol Increases Dividend By 40% 118
9.5.10 Oct 31,
2007: CEPSA Reports Q3 2007 Results 118
9.6 Other Significant Developments
120
9.6.1 Jul 04, 2008: Repsol Subsdiary Appoints Chairman 120
9.6.2
Jul 02, 2008: Iran Allocates $16 Billion To Develop Oil Wells 120
9.6.3
Jul 01, 2008: Repsol To Spend $2 Billion In Carioca 121
9.6.4 May 14,
2008: Repsol Appoints New Board Members 121
9.6.5 Apr 16, 2008: Cuba
Postpones Crude Oil Strip Drilling To 2009 121
9.6.6 Jan 24, 2008:
Groundstar Provides Operational Update On Egyptian Activities 122
9.6.7
Sep 27, 2007: CEPSA Appoints New Board Members 122
9.7 New Contracts
Announcements 122
9.7.1 Aug 09, 2008: Repsol And Ecuador To Negotiate New
Oil Contract 122
9.7.2 Jul 02, 2008: CEPSA Signs Agreement With Sonatrach
To Extend Association Contract For RKF Field Operation 123
9.7.3 Jun 19,
2008: Amerisur Receives Exploration And Production Contract From ANH For
Platanillo In Colombia 123
10 Appendix 124
10.1 Methodology 124
10.1.1 Coverage 125
10.1.2 Secondary Research 125
10.1.3 Primary
Research 126
10.1.4 Forecasts 126
10.2 Key Economic Assumptions
128
10.3 Expert Panel Validation 129
10.4 Definitions 130
10.5
Unit Of Measure 131
10.6 Disclosure information 131
10.7 Contact Us
131
10.8 About Global Markets Direct 131
10.9 Disclaimer 132
1.1 List of Tables
Table 1: Spain, Oil and Gas, Key Statistics, April 2008
11
Table 2: Spain, Total Crude Oil and Natural Gas Reserves (MMBOE),
2000-2012 14
Table 3: Spain, Total Crude Oil Production (MBBLs), 2000-2007
15
Table 4: Spain, Total Natural Gas Production (BCF), 2000-2007 16
Table 5: Spain, Oil and Gas Asset Details, April 2008 17
Table 6: Spain
Offshore, Total Crude Oil Production (Barrels), by Assets, 2000-2007 18
Table 7: Spain Onshore, Total Crude Oil Production (Barrels), by Assets,
2000-2007 18
Table 8: Spain Offshore, Total Natural Gas Production (MMCF),
by Assets, 2000-2007 18
Table 9: Spain Onshore, Total Natural Gas
Production (MMCF), by Assets, 2000-2007 19
Table 10: Spain, Total Crude
Oil Production (MBBLs), by Company, 2000-2007 20
Table 11: Spain, Total
Natural Gas Production (BCF), by Company, 2000-2007 20
Table 12: Spain,
Total Crude Oil Production (MMBBLs), Forecast, 2008-2013 21
Table 13:
Spain, Total Natural Gas Production (BCF), Forecast, 2008-2013 21
Table
14: Spain, Total Crude Oil Production (Barrels), Forecast by Assets, 2008-2013
22
Table 15: Spain, Total Natural Gas Production (MMCF), Forecast by
Assets, 2008-2013 22
Table 16: Spain, Forecasted Assets-wise Gross Revenue
(000' $), 200-2013 23
Table 17: Spain, Forecasted Assets-wise Government
Take (000' $), 2008-2013 23
Table 18: Spain, Forecasted Asset-Wise Income
Tax (000' $), 200782013 24
Table 19: Spain, Projected Assets-wise Total
Contractor Take (000' $), 2008-2013 24
Table 20: Spain, Total Number of
Active Exploration Blocks, 2000-2007 25
Table 21: Spain, Total Number of
Active Exploration Blocks By Company, 2000-2007 26
Table 22: Spain, Oil
and Gas Exploration Block Details, April 2008 27
Table 23: Spain, Oil and
Gas Exploration Block Details, April 2008 (Cont' d) 28
Table 24: Spain, Oil
and Gas Exploration Block Details, April 2008 (Cont' d) 29
Table 25: Spain,
Oil and Gas Exploration Block Details, April 2008 (Cont' d) 30
Table 26:
Repsol YPF, S.A., Key Facts, 2006 31
Table 27: Repsol YPF, S.A.,
SWOT Analysis , 2006 40
Table 28: Repsol YPF, S.A., Revenue by
Segment, Euro Million, 2002-2006 45
Table 29: Repsol YPF, S.A.,
Revenue by Geography, Euro Million, 2002-2006 46
Table 30: Repsol
YPF, S.A., Financial Statements, Euro Million, 2002-2006 47
Table 31:
Repsol YPF, S.A., Financial Ratios, Euro Million, 2002-2006 48
Table 32:
Repsol YPF, S.A. Operational Indicators, 2002-2006 49
Table 33:
Compania Espanola de Petroleos, S.A. (CEPSA), Key Facts, 2006 50
Table 34:
Compania Espanola de Petroleos, S.A. (CEPSA), SWOT Analysis , 2006 60
Table 35: Compania Espanola de Petroleos, S.A. (CEPSA), Revenue by
Segment, Euro Million, 2002-2006 65
Table 36: Compania Espanola de
Petroleos, S.A. (CEPSA), Revenue by Geography, Euro Million, 2002-2006 66
Table 37: Compania Espanola de Petroleos, S.A. (CEPSA), Financial
Statements, Euro Million, 2002-2006 67
Table 38: Compania Espanola de
Petroleos, S.A. (CEPSA), Financial Ratios, Euro Million, 2002-2006 68
Table 39: Compania Espanola de Petroleos, S.A. (CEPSA) Operational
Indicators, 2002-2006 69
Table 40: Brent Blend NYMEX Future Prices 129
1.2 List of Figures
Figure 1: Spain, Exploration and
Production Assets Map, April 2008 12
Figure 2: Spain, Total Crude Oil and
Natural Gas Reserves (MMBOE), 2000-2012 13
Figure 3: Spain, Total Crude
Oil Production (MBBLs), 2000-2007 15
Figure 4: Spain, Total Natural Gas
Production (BCF), 2000-2007 16
Figure 5: Spain, Total Number of Active
Exploration Blocks, 2000-2007 25
Figure 6: Repsol YPF, S.A., Value
Chain Analysis 37
Figure 7: Compania Espanola de Petroleos, S.A.
(CEPSA), Value Chain Analysis 57
Figure 8: Global Markets Direct
Methodology 124
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