CORRESP 1 filename1.htm

DAVIS POLK & WARDWELL

450 LEXINGTON AVENUE
NEW YORK, N.Y. 10017
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1300 I STREET, N.W.
WASHINGTON, D.C. 20005
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1600 EL CAMINO REAL
MENLO PARK, CA 94025
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99 GRESHAM STREET
LONDON EC2V 7NG

MARQUÉS DE LA ENSENADA, 2
28004 MADRID

TELEPHONE 91 702 2680
FAX 91 702 2765


121, AVENUE DES CHAMPS-ELYSÉES
75008 PARIS
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MESSETURM
60308 FRANKFURT AM MAIN
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1-6-1 ROPPONGI
MINATO-KU, TOKYO 106-6033
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3A CHATER ROAD
HONG KONG
 
34 91 702 2741

CONFIDENTIAL

   

March 5, 2007

     
     
Re: Repsol YPF, S.A.  
  Form 20-F for the fiscal year ended December 31, 2005  
  File No. 1-10220  

Ms. Jennifer Goeken
U.S. Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.W.
Washington, D.C. 20549-7410

Dear Ms. Goeken:

     I am writing on behalf of Repsol YPF, S.A. (“Repsol YPF”) in connection with the Staff’s review of Repsol YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2005. As we discussed by telephone last week, Repsol YPF is reviewing internally and with its external auditors and legal advisors the Staff’s comment letter dated February 16, 2007 and currently expects to respond in writing to the Staff’s comments by approximately March 16, 2007. I understand that the timing of such response is acceptable to the Staff.





Ms. Jennifer Goeken 2 March 5, 2007

     Please do not hesitate to contact me (tel. no. 011-34-91-702-2741) should you have any questions regarding the foregoing.

Very truly yours,
 
 
Michael J. Willisch

cc: Angel Ramos — Repsol YPF