FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of September, 2010

Commission File Number: 001-10220

REPSOL YPF, S.A.

(Exact name of registrant as specified in its charter)

Paseo de la Castellana, 278

28046 Madrid, Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨             No  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨             No  x

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes  ¨             No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

REPSOL YPF, S.A.

Item
1.	Peru Field Trip 2010 presentation.

Peru Field Trip September 2010

Upstream Peru

Evandro Correa Nacul

Executive Director

E&P Pacific

Disclaimer

2

ALL RIGHTS ARE RESERVED

© REPSOL YPF, S.A. 2010

Repsol YPF, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored,

duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior

written permission of Repsol YPF, S.A. 

This document contains statements that Repsol YPF believes constitute forward-looking statements within the meaning of the US Private

Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, or current

expectations of Repsol YPF and its management, including statements with respect to trends affecting Repsol YPF’s financial condition, financial

ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, as well as Repsol YPF’s plans,

expectations or objectives with respect to capital expenditures, business, strategy, geographic concentration, costs savings, investments and

dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such

as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future

performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which

may be beyond Repsol YPF’s control or may be difficult to predict.

Repsol YPF’s future financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volumes,

reserves, capital expenditures, costs savings, investments and dividend payout policies, as well as future economic and other conditions, such as

future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-

looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply

and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with

third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries,

legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars

and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings

made by Repsol YPF and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in

Argentina, and the Securities and Exchange Commission in the United States; in particular, those described in Section 1.3 “Key information about

Repsol YPF – Risk Factors” and Section 3 “Operating and Financial Review and Prospects” in Repsol YPF’s Annual Report on Form 20-F for the

fiscal year ended December 31, 2009 filed with the US Securities and Exchange Commission and in Section I “Risk factors” in Repsol YPF’s

Registration Document filed with the Comisión Nacional del Mercado de Valores in Spain in April 2010. Both documents are available on Repsol

YPF’s website (www.repsol.com). In light of the foregoing, the forward-looking statements included in this document may not occur.

Repsol YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear

that the projected performance, conditions or events expressed or implied therein will not be realized.

This document does not constitute an offer to purchase, subscribe, sale or exchange of Repsol YPF's or YPF Sociedad Anonima's respective

ordinary shares or ADSs in the United States or otherwise. Repsol YPF's and YPF Sociedad Anonima's respective ordinary shares and ADSs may

not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended.

Peru´s

Upstream

Industry

attractiveness

Peru’s Importance for Repsol

E&P

E&P

Pacific Regional

Wrap Up & Conclusions

Peru Oil & Gas Industry Map

Agenda

3

E&P

Pacific Regional

Bolivia

Ecuador

Peru

4

Ecuador: Assets

Ecuador

Agip

=                 5%

Petrobras =     11%

Perenco

=          4%

Andes =           36%

Occidental =   14%

Repsol =          30%

OCP

OCP

Opic

=              31%

Sinochem

=    14%

Repsol =         55%

Ecuador

OCP

OCP

5

Block

16

Ecuador: Block

16

Highlights:

Operator:

Repsol

First

Oil:

1994

Area:

2,200  km

Current

Oil Production:         46   kbpd

Currente

Fluid:

976   kbls/d

Cumm. Production:  

257   Mbls

Productive

Wells:

161

Inyector Wells:

28

API:                                       15°

Power

Generation: 

95  MW

6

2

Bolivia: Assets

SANTA CRUZ

SUCRE

POTOSI

ORURO

CBBA

LA PAZ

BENI

TARIJA

Salar

PANDO

TUICHI

BOOMERANG I

BOOMERANG III

CHARAGUA

CAIPIPENDI

SAN ANTONIO

SAN ALBERTO

AMBORO

ESPEJOS

Operator: YPFB ANDINA

Operator: REPSOL E&P

Exploration

GRIGOTA

REPSOL

EXPLORATION:

•

Charagua

•

Tuichi

PRODUCTION:

•

Itatiqui

•

Monteagudo

•

Cambeiti

•

Surubí

•

Surubí

Bloque Bajo

•

Surubí

Noroeste

•

Paloma

•

Margarita

•

Huacaya

YPFB ANDINA

EXPLORATION:

•

Amboró

–

Espejos

•

Sara Boomerang I

•

Sara Boomerang III

PRODUCTION:

•

Los Penocos

•

Arroyo Negro

•

Los Sauces

•

Camiri

•

Guairuy

•

La Peña -

Tundy

•

Río Grande

•

Sirari

•

Víbora

•

Cascabel

•

Cobra

•

Puerto Palos

•

Boquerón

•

Yapacaní

•

Enconada

•

Palacios

•

Patujú

•

Sábalo

•

San Alberto

Bolivia: Margarita Project

Highlights:

Operator:

Repsol

First

gas:

2004

Block:

Caipipendi

Wells drilled:  

5

Current

production:

Gas: 2.3 Mm3/d

Liquids: 3,700 Bopd

Huacaya: commerciality in 2009

First

expansion: 8.3 Mm3/d (2012)

Second

expansion: 14.3 Mm3/d (2013)

MARGARITA

Repsol

37.5%

BG Bolivia

37.5%

PAE

25%

8

Relinquished

Areas

Margarita Field

Huacaya

Field

9

Production

& Development

Assets

Camisea

(56 + 88)

2,020 km

Pluspetrol

27%

Hunt Oil

25%

SK Corporation

18%

Sonatrach

10%

Tecpetrol

10%

Repsol

10%

57

6,111 km

Repsol

54%

Petrobras

46%

Exploration

Assets

39

8,868 km

Repsol

55%

Conoco

Phillips

35%

Reliance

10%

57

6,111 km

Repsol

54%

Petrobras

46%

76

14,341 km

Hunt Oil

50%

Repsol

50%

103

8,709 km

Talisman

40%

Repsol

30%

Petrobras

30%

109

8,998 km

Repsol

100%

Peru: Assests

CHILE

LEGEND

Operated blocks

Non-operated blocks

TGP Pipelines

Talara

Iquitos

Bayovar

Trujillo

Pisco

Cuzco

Pucallpa

39

Lima

76

COLOMBIA

ECUADOR

103

La Pampilla

Refinery

57

56

88

TGP

Pipeline

109

PERU LNG

Malvinas

PERU LNG Pipeline

9

2

2

2

2

2

2

2

10

Midstream

Assets

TGP

Tecpetrol

24%

Sonatrach

21%

Hunt Oil

13%

Pluspetrol

12%

SK Energy

11%

Repsol

10%

Tractebel

8%

Graña

y Montero

1%

PERU LNG

Hunt Oil

50%

SK Energy

20%

Repsol

20%

Marubeni

10%

CHILE

Talara

Iquitos

Bayovar

Trujillo

Pisco

Cuzco

Pucallpa

39

Lima

76

COLOMBIA

ECUADOR

103

La Pampilla

Refinery

57

56

88

TGP

Pipeline

109

PERU LNG

Malvinas

LEGEND

Operated blocks

Non-operated blocks

TGP Pipelines

PERU LNG Pipeline

Peru

Assests

10

11

Peru´s

Upstream

Industry

attractiveness

Peru’s Importance for Repsol E&P

Wrap Up & Conclusions

Agenda

Peru Oil & Gas Industry Map

E&P Pacific Region

11

Peru Oil & Gas Industry Map

Source: Perupetro

Information updated to June 2010.

Exploration: 66

Exploitation: 19

Current Contracts:

Total Wells: 109

Drilled Wells 2010:

Audited Production 2010:

LGN + Crude Oil (Bbl/d):               156

Natural Gas (Mm3/d):                   12.1

2009 3P Reserves

Crude  Oil (Mbbls):              

5,811

LGN (Mbbls):                                1,337

Natural Gas (TCF):                            31

12

13

Peru Oil & Gas Industry Map

Peru’s Importance for Repsol

E&P

E&P

Pacific Region

Wrap Up & Conclusions

Peru´s Upstream Industry attractiveness

Agenda

Why

Invest

in Peru?

Economic Attractiveness

High Contractor Take:

Source:  IHS CERA, PEPS Module 2010

14

42%

0

10

20

30

40

50

60

Bolivia

Venezuela

Suriname

Trinidad and Tobago

Uruguay

Ecuador

Brazil

Cuba

Costa Rica

Colombia

Chile

Argentina

Guyana

Peru

Jamaica

Paraguay

Why

Invest

in Peru?

Economic Attractiveness

Clear contractual structure: Concession contract

Source: Perupetro

Main Features:

•

Exclusive rights on acreage

•

No

restrictions

for

products

destination

•

Contractor:

•

Operates

•

Finances

•

Owns reserves

•

Pays royalties & taxes

•

Government Take:

•

Royalties (in cash)  (5% -

38%)

•

Income Tax (30% -

32%)

15

15

TOTAL PRODUCTION

DD&A

NET REVENUE

ROYALTY

OPEX

TAXABLE INCOME

TAXES

CAPEX

CASH FLOW

TRANSPORT COSTS

CONTRACTOR

Article 62 of the Constitution:

“Laws or legal dispositions of any class cannot modify contractual terms”

Since 1990 Peru has adopted a Market-Based economic policy:

•

6 Bilateral free-trade agreemens and 5 in negotiation

•

Pro-investment laws

•

30 years of continuing economic policy

Why Invest in Peru?

Legal and Contractual Stability

16

E&P contracts evolution

Source: Gestion Journal / Perupetro, June  2010.

0

20

40

60

80

100

Exploration

Exploitation

Why Invest in Peru?

A promising future based on facts

Peru’s 2010 Bidding Round

Major oil & gas companies showed interest in Peru’s bid round.

Source: Perupetro (updated as of June 2010)

17

17

Production Evolution

Why Invest in Peru?

A promising future based on facts

Source: Perupetro (updated as of June 2010)

•

Oil + NGL production had a 7% CAGR in last 5 years.

•

Natural gas production had a 24% CAGR in last 5 years.

0

20

40

60

80

100

120

140

160

180

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

0

2

4

6

8

10

12

14

Oil+NGL (Kbopd)

NG (Mm3/d)

18

18

San Martin

1st Gas

Pagoreni

1st Gas

Cashiriari

1st Gas

Reserves

Why

Invest

in Peru?

A promising future based on facts

Source: Perupetro

(updated

as of

June 2010)

3P Potential expected to be monetized with infrastructure projects,

currently been boosted by central government

1,337

5,811

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Oil Crude

NGL

31

0

5

10

15

20

25

30

35

40

NG

Possibles (P3)

Probables (P2)

Proved (P1)

19

19

20

Peru´s

Upstream

Industry

attractiveness

Peru’s Importance for Repsol

E&P

E&P Pacific Region

Wrap Up & Conclusions

Peru Oil & Gas Industry Map

Agenda

21

2 out of 12 Repsol’s

key growth projects are in Peru

Strong pipeline of projects

Note: All production figures indicate gross plateau production

FID

Pending (2010)

Production:

250 kboe/d

Kinteroni

(Peru)

FID: 2010

Production:

86 kboe/d

FID: 2009

Production:

40 kboe/d

FID Pending (2012)

Production:

400 kboe/d

FID: 2009

Production:

8 Mm³/d

FID Pending (2011)

Production:

8 Mm³/d in 2014

FID Pending

(2011)

Production:

25 kboe/d

New Brunswick

Maine

VT

Wright

Waddington

Pittsburg

Cumberland

Dracut

RI

NH

MA

CT

Shelton

Beverly

Brookfield

Philipsburg

Leidy

Boston

(Everett)

New York

Buckskin

Shenzi

G-104 &

Shenzi-8: increase

the potential of the

current fields and

the North flank

Margarita–Hua-

caya

(Bolivia)

Guará

(Brazil)

Reggane

(Algeria)

Cardon

IV

(Venezuela)

Piracucá

(Brazil)

FID Pending

(2011)

Production:

110 kboe/d

Carioca (Brazil)

Carabobo

(Venezuela)

Abaré, Abaré

West &

Iguazú

in BM-S-9

Panoramix: new

discovery in BM-S-48

Tangier-Larache, first

discovery success in

Moroccan offshore

Venus B-1, first

offshore discovery in

an unexplored area

US GoM

Brazil

Morocco

Sierra Leone &

West Africa

...

2012

2013

2014

2015

beyond     

2008

Start

up

2009

2010

Gas

Liquids

LNG

Shenzi

(US GoM)

FID: 2006

Production:

121 kboe/d

I/R (Libya)

FID: 2007

Production:

75 kboe/d

Canaport

Start-up: 3Q

2009

Capacity:

10 Bcma

Peru LNG

Start-up: 2Q

2010

Capacity:

6 Bcma

.

Peru’s Importance for Repsol E&P

Natural Gas Value

Chain

(Camisea)

22

Pipeline

lengths

Liquid

line:  535 km

Gas Line:     715 km

Repsol’s

Partners

-

Hunt Oil

-

SK Corporation

-

Pluspetrol

-

Sonatrach

-

Tecpetrol

Perú

-

Tractebel

-

Graña

y Montero

Capacity:

4.45Mtpa

Storage:     260,000m  GNL

Gas Line:

408 km

PERU LNG Partners

-

Hunt Oil

-

SK Corporation

-

Marubeni

OFF TAKE:

100% Repsol

LIQUEFACTION

PIPELINE TRANSPORT

(NGs

& LPGs)

UPSTREAM

(Exploration

& Production)

LNG COMMERCIALIZATION

DOMESTIC MARKET

(NGs

& LPGs)

Production

(gross):

NG:    28.3 Mm /d

NGL:   85 Kbopd

Repsol’s

Partners

-

Hunt Oil

-

SK Corporation

-

Pluspetrol

-

Petrobras

-

Sonatrach

-

Tecpetrol

3

3

23

Pisco

Cusco

Lima

Malvinas

•

56 & 88 Blocks.

•

Location: La Convención,

Cusco, 431 km east of

Lima.

Peru’s Importance for Repsol E&P

Camisea Fields

Location

24

Pisco Topping

and

Fractioning

Plant

35 kbopd

Malvinas

Processing

Plant

Before

expansion: 32.8 Mm /d

After

expansion: 47.6 Mm /d

Expected

to

come online in S2 2012

1 x 14.7 Mm /d

Investments

Details

Exploration

Plan

(2010-2014)

6 prospects

to

be explored

7 Confirmed

wells

+3 Well

contingent

to

results

Before

expansion: 85 kbopd

After

expansion: 120 kbopd

Expected

to

come online in S2 2012

Peru’s Importance for Repsol E&P

Camisea Main

Current

Projects

Observations

3

3

3

25

•

Department

of

Cuzco.

•

Ucayali-Madre

de Dios Basin.

•

50 km from

Camisea

gas

and condensate

fields.

Peru’s Importance for Repsol E&P

Kinteroni

Project Location

26

Meet the growing domestic demand for gas.

•

First gas production: Second semester 2012.

•

Average production: 5Mm /d and 8.7 Kbopd.

Execute the project according best practices and global standards.

Peru’s Importance for Repsol E&P

Kinteroni

Project Objectives

3

South

Kinteroni

Mapi

Prospect

Peru’s Importance for Repsol E&P

Kinteroni

Project Structural

Map

North Kinteroni

Mashira

Prospect

27

Peru’s Importance for Repsol E&P

Kinteroni

Project Architecture

City

Gate

Pisco Plant

(Camisea)

South

Kinteroni

Well

Pad

Truck

Loading

Existing

TGP’s

Dry

Gas pipeline

(to

be expanded)

Existing

TGP’s

NGLs

pipeline

(to

be expanded)

Production Facilities +

Compression Plant

Flowline

(~15 km, 16’’)

Flowlines

(42km, 18”

& 22km,  6’’)

New Shared Facilities

Operated

facilities

Non-Operated

facilities

Diesel

Naphtha

Propane

Butane

Nuevo

Mundo

Malvinas Plant

(Camisea)

Bl

57

New Shared Facilities

Cargo

Ship

3 wells

28

28

29

Synergies with Camisea

Project

•

Block 57 Processing Agreement.

•

Block 57 Liquids Transportation Agreement. 

Repsol’s

natural gas sales contracts

•

LOI

signed

with

Nitratos

del

Peru.

•

2010 Repsol’s

Tender.

Peru’s Importance for Repsol E&P

Kinteroni

Project Commercial Updates

30

•

Health

•

Education

•

Home

improvement

School

kits

Home

Improvement

Sustainable

economic

activities

Peru’s Importance for Repsol E&P

Kinteroni

Native

Community

Social Plan

Medical Equipment

•

Production

skills

for

sustainable

projects

31

Peru’s Importance for Repsol E&P

How do we

face

this

growth?

Synergies

Excellent

NC

Relations

Technology

& Technical

Capabilities

Human

Team

Management

Systems

32

Peru’s Importance for Repsol E&P

How do we

face

this

growth?

Human

Team

0

50

100

150

200

250

2005

2006

2007

2008

2009

2010

2011

Pacific RU

Peru BU

Exploration

LNG

2007/2008: Blocks 39&57 enter Repsol’s strategic project

portfolio

2008: Regional Headquarters moves to Peru.

2009: Kinteroni Project FID

2010: Creation of an exclusive organizational structure for

Kinteroni Project

Integrated Management System / ISOs, OHSAS

33

Peru’s Importance for Repsol

E&P

Wrap Up & Conclusions

Agenda

Peru´s

Upstream

Industry

attractiveness

E&P

Pacific Region

Peru Oil & Gas Industry Map

Peru, a growth

engine

for

Repsol

Economic

atractiveness

Contractual stability

Sustainable

demand

Free market

policy

Reserves potential

Public/private

Infrastructure

plans

An

Opportunity

7 E&P

contracts

(2    largest)

Present

across

whole

gas value

chain

Excellent

relations

with

stakeholders

A Strong

Presence

2012 Kinteroni

first

gas

Mapi

& Mashira

exploratory

plan

Block

39 exploratory

plan

3 additional

exploratory

blocks

A Promising

Future

34

34

nd

An

Opportunity

A Strong

Presence

A Promising

Future

35

35

Peru, a growth

engine

for

Repsol

Kinteroni -

Logistics

Jan            Feb

Mar           Apr

May         Jun

Jul

Aug

Sep           Oct

Nov

Dic

Urubamba River

level

(feet)

36

0

2

4

6

8

10

12

High

Mid

Low

High

Repsol´s

strong

positioning

in

the

E&P

industry

7

0

2

4

6

8

10

•

Ecopetrol, Perenco, Reliance, SK have

interests

in 3 blocks.

•

Other 40 companies have interests in 3 or less blocks.

Why

Invest

in Peru?

A promising future based on facts

37

38

Peru’s Importance for Repsol E&P

Kinteroni

Native

Communities

in influence

area

POROTOBANGO

NUEVO MUNDO

CAMISEA

SHIVANKORENI

CHENI

POYENI

TSOROJA

Indirect

influence

Direct

influence

38

19 communities fall within the

catchment area of Block 57

39

Peruvian

Net Acreage

by Companies

Source: Wood Mackenzie 2009

Perú

-

Main

Oil & Gas Companies

in Peru

Related

to

Acreage

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

100.000

Peru Field Trip September 2010

Upstream Peru

Evandro Correa Nacul

Executive Director

E&P Pacific

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	REPSOL YPF, S.A.
Date: September 8th, 2010	By:	/S/    IÑIGO ALONSO DE NORIEGA
	Name:	Iñigo Alonso de Noriega
	Title:	Corporate Governance Director