Repsol's hydrocarbons output in 2011 (excluding YPF) was 298,791 boe/d, down 13.2% on figures for 2010.
The conflict in Libya caused production within the country to plummet to a quarter of the annual output reported in 2010, and also accounts for nearly two thirds of the drop in production worldwide.
Furthermore, gas production in Trinidad and Tobago fell away over the second half of the year due to maintenance work on both the Atlantic liquefaction trains of Atlantic LNG and the production platforms. Contributing factors also included the natural decline of Albacora Leste (Brazil), coupled with Repsol's reduced interest in this asset following the corresponding agreement with Sinopec, and likewise the effects of the 2010 moratorium on drilling in the Gulf of Mexico, which continued to be felt over the first half of 2011.
On a more positive note, output in Peru climbed by 35% (primarily the supply of gas throughout 2011 to the Peru LNG liquefaction plant, which was brought online in 2010) and contracts were revised in Ecuador, although these plus points failed to offset the aforementioned drops.
At 31 December 2011, Repsol's proven reserves (excluding YPF), estimated in accordance with the US Securities and Exchange Commission (SEC)'s guidelines and the criteria set forth in the Petroleum Resources Management System of the Society of Petroleum Engineers (PRMS-SPE), totalled 1,167 Mboe, of which 393 Mboe (34%) comprised crude oil, condensate and liquefied gases, and the remaining 774 Mboe (66%) natural gas.
These reserves are mainly located in Trinidad and Tobago (31%). 52% is located in the other South American countries (Venezuela, Peru, Brazil, Ecuador, etc.), 12% is in North Africa (Algeria and Libya), 4% is in the Gulf of Mexico (United States) and about 1% in Spain.
In 2011, the aforementioned reserves fared well, with a total addition of 177 Mboe, most notably due to the Perla field in Venezuela, the Reggane project in Algeria, the initial declaration of recoverable hydrocarbons at Sapinhoa in Brazil and the revision of the Kinteroni development plan in Peru.
In 2011, Repsol reported a reserves replacement ratio (measuring total additions of proven reserves over the period relative to production for the period) of 162% for crude oil, condensate, LPG and natural gas (141% for crude oil, condensate and LPG, and 174% for natural gas).
Operating investments in the Upstream business totalled €1.813 billion in 2011, 62% up on the same figure for fiscal year 2010 (€1.119 billion). Investment in development accounted for 43% of the total and was carried out mainly in the United States (19%), Bolivia (17%), Trinidad and Tobago (15%), Venezuela (13%), Peru (12%) and Brazil (12%). Exploration investments represented 40% of total investments and concentrated mainly in the United States (38%), Brazil (20%) and Angola (14%). Remaining investments relate largely to the acquisition of Eurotek in Russia.