Business Divisions

Exploration and Production (E&P)International Assets

Through its international subsidiary, Enap Sipetrol S.A., ENAP controls the following assets in four countries in Latin America, the Middle East and North Africa:

ARGENTINA

Sipetrol Argentina S.A. acts as operator with 50% participations in the production concessions in the Magallanes Area and CAM-2A South, and in exploration permits covering Areas CAM-1 and CAM-3 in the Austral Basin. In the Gulf of San Jorge Basin, Sipetrol Argentina S.A. is the holder and operator of 100% of the production concession in the Pampa del Castillo Area and participates as a non-operator partner with 50% in the production concession in the Central-Cañadón Perdido Campsite Area. In the Neuquén Basin, Sipetrol Argentina S.A. participates as a non-operator partner with 50% of the exploration concession of the La Invernada Area.

ECUADOR

MDC and PBH Fields

On January 1, 2003, ENAP, through Sociedad Internacional Petrolera (SIPEC in Ecuador), took over the operation of the Mauro Dávalos Cordero (MDC) and Paraíso, Biguno y Huachito (PBH) fields under a Specific Services Agreement for the Development and Confirmation of Reserves signed with the Ecuadorian state company Petroecuador in October 2002.

Egypt

Jointly with other companies, Enap Sipetrol S.A. operates concessions East Ras Qattara and Rommana blocks in Eqypt.

IRAN

Mehr Block

Enap Sipetrol has a one-third participation in the Mehr Block which is located in one of the richest oil areas in the world, adjoining the gigantic Arwaz field.