Repsol to Write Down Oil, Gas Reserves 25 Percent

Repsol YPF SA, Europe’s fifth-biggest oil company, will write off about 25 percent of its oil and gas reserves, mostly in Bolivia and Argentina.

Repsol will eliminate 1.25 billion barrels of oil and gas equivalent, after carrying out an audit of all its reserves, the Madrid-based company said in a statement to regulators. Repsol had 4.93 billion barrels in reserves at the end of 2004. The company’s shares were suspended from trading.
Bloomberg