Representing 15% of the company's output

Repsol to increase its presence in Trinidad and Tobago

· Repsol will bid in future deepwater exploration rounds.

· Trinidad and Tobago is the largest supplier of liquefied natural gas to the United States.

· Repsol owns a stake in Atlantic LNG, from which 20% of Spain’s gas is sourced.

Last updated: 17 February 2009, 14:30 CET

Repsol Chairman Antonio Brufau will today pledge to increase the company’s investments in Trinidad and Tobago in a speech given to Prime Minister, Patrick Manning, and King Juan Carlos I of Spain.

During the Royal visit to the Caribbean islands, Antonio Brufau will announce that the company is to bid in new offshore exploration rounds off the coast of Trinidad and Tobago.

Repsol has been in Trinidad and Tobago since 1995, when it bought a stake in the plant that is the largest supplier of LNG to the United States, the world’s biggest gas consumer. The facility’s strategic position also allows shipment to Europe, and the plant supplies about 20% of Spain’s gas.

“Atlantic LNG represents a key asset in the LNG business,” Brufau said. “Repsol has expansion plans in the Caribbean region.” Repsol has already invested US$2.5 billion in the Caribbean, of which US$1.8 billion were spent in Trinidad and Tobago.

The assets in Trinidad and Tobago represent 15% of Repsol’s output, making it the second-largest for the company in terms of production and reserves.

Developing and expanding the LNG business is a key part of the company’s 2008-2012 Strategic Plan, which envisages total overall spending of 32.8 billion euros. Repsol will this year open the Canaport regasification plant on the east coast of Canada, which will help guarantee supply to the northeast of the US. Repsol is also building a gas liquefaction plant in Peru.

Repsol sells 35% of the gas produced in the Trinidad and Tobago liquefaction plant. The company owns 20% of the facility’s first Train, 25% of Trains 2 and 3, and 22.2% of Train 4. Repsol owns the rights to 7 offshore blocks, which hold a quarter of the company’s total reserves.

http://www.repsol.com/es_en/todo_sob...

Cheers; Scott