INVESTMENT, EFFICIENCY AND TECHNOLOGY: EUROPEAN ENERGY PRIORITIES

June 30th 2008

• The presidents of Repsol YPF, Cepsa, BP, Rosneft and Royal
Dutch Shell plc debate today the supply of European energy.
• The European Energy Commissioner presents the main aims
of the Commission regarding energy.

The first plenary session has marked the beginning of the 19th World Petroleum Congress, under the theme “A World in Transition Delivering Energy for Sustainable Growth.” Madrid has brought together in the first session of this international event Mr. Antonio Brufau, Chairman of Repsol YPF, Mr Carlos Pérez de Bricio, Chairman of Cepsa, Mr. Sergey Bogdanchikov, President of Rosneft, Mr. Tony Hayward Chief Executive of BP, and Mr. Jeroen Van der Veer, Chief Executive of Royal Dutch Shell; led by Mr. Andris Pielbalgs European Energy Commissioner.

All participants agreed on one key point and all highlighted the need to boost new ways of investment, efficiency and technology. Mr. Andris Pielbags, first congratulated Spain for the organisation of this event and for the title achieved last night in the Eurocup football Tournament. He then went on to state the policies of the European Commission in matters of energy, such as energy security, dialogue between producer and consuming countries and the development of stronger networks in Europe. He also underlined the need to boost new policies of solidarity and give more protagonism to investigation and technology. Climate change and the safety of energy were also themes that were highlighted by the Commissioner during his presentation.

Afterwards, Mr. Tony Hayward, Chief Executive of BP, analyzed the current situation of oil prices and reserves in relation to the growth of World population. He stated, “We do not face a speculative or geological problem, but a political one.” Mr. Sergey Bogdanchikov, Presidente of Rosneft, also participated in this session and he presented the main priorities and interventions of Russia, highlighting the necessity of identifying news ways of international cooperation.

Mr. Jeroen Van der Veer, Chief Executive of Royal Dutch Shell PLC, dealt with the need to increase awareness in the search for a common aim to capture C02 emissions, as well as the development of new technologies and the trade of fossil fuels. His presentation had the support, and participation, of Mr. Carlos Perez de Bricio, Chairman and CEO of Cepsa, who also highlighted the importance of the technology sector, at all times bearing in mind the respect towards the environment.

The session finalised with the speech of the Chairman and CEO of Repsol YPF Mr. Antonio Brufau, who stressed the responsibility each individual needs to take on to reduce the impact we have on the environment “as a consequence of industrial activity.” The Chairman of Repsol highlighted the importance and need to find a balance between demand and offer, contribute to sustainable energy and give an increased protagonism to governments in the area of climate change.” Brufau finalized this presentation, confident that this Congress will fulfill all its objectives.