Exhibit 99.2



|     |                                     |  |                        |                
|---- | ----------------------------------- |  | ---------------------- | ---------------
|LOGO |                                     |  |                        | Four Oaks Place
|     | 1300 Post Oak Boulevard, Suite 1000
|     | Houston, Texas 77056               
|     | Telephone:                          |  | (713) 850-9955        
|     | Facsimile:                          |  | (713) 850-9966        
|     | Email:                              |  | gcah@gaffney-cline.com







|                            |  |             
|--------------------------- |  | ------------
|SAS/bgh/C1490.04/gcah.92.10 |  | May 21, 2010

Mr. Aquiles Rattia

Repsol YPF

Paseo de la
Castellana 278

28046, Madrid, Spain

Reserve Statement for Albacora Leste Field, Brazil

as of September 30, 2009

Dear Mr. Rattia:

This
reserve statement has been prepared by Gaffney, Cline & Associates (GCA) at the request of Repsol YPF Brasil S.A. (RY), a non-operator of and 10.00% interest participant in the Albacora Leste field in the Campos Basin of Brazil. GCA has
conducted an independent audit examination as of September 30, 2009, of the crude oil and natural gas reserves of Albacora Leste field. On the basis of technical and other information made available to us concerning this property unit, we
hereby provide the reserve statement given in the table below. Total Proved Reserves, net to RY interest, represent 1.2% of Repsol YPFs total Proved Reserves on a barrel oil equivalent (BOE) basis. Our study was completed on December 15,
2009.

Statement of Remaining Hydrocarbon Volumes

Albacora Leste Field, Brazil

as of September 30, 2009



|             |                |                           |           |                            |                |      |           |    
|------------ | -------------- | ------------------------- | --------- | -------------------------- | -------------- | ---- | --------- | ---
|Reserves     |                | Gross (100%)Field Volumes |           | ReservesNet to RY
Interest
|             | Liquids(MMstb) |                           | Gas(Bscf) |                            | Liquids(MMstb) |      | Gas(Bscf)
|Proved       |                |                           |           |                            |                |      |           |    
|Developed    |                | 233.5                     |           | 76.1                       |                | 22.1 |           | 7.1
|Undeveloped  |                | 15.9                      |           | 3.1                        |                | 1.6  |           | 0.3
|             |                |                           |           |                            |                |      |           |    
|Total Proved |                | 249.4                     |           | 79.2                       |                | 23.7 |           | 7.5
|             |                |                           |           |                            |                |      |           |    

Hydrocarbon liquid volumes
represent crude oil and condensate and gasoline estimated to be recovered during field separation and plant processing, and are reported in millions of stock tank barrels. Natural gas volumes represent expected gas sales, and are reported in
billions (109) of cubic feet (at standard conditions
of 14.7 psia and 60 degrees Fahrenheit). The volumes have been reduced for fuel usage in the field. Based on the interpretation that royalties payable to the ANP  Agencia Nacional do Petroleo are a financial obligation or substantially
equivalent to a production or similar tax, they have not been deducted from the reported volumes.





UNITED
KINGDOM    UNITED
STATES    SINGAPORE    AUSTRALIA    ARGENTINA    BRAZIL    KAZAKHSTAN    RUSSIA    UAE



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|SAS/bgh/C1490.04/gcah.92.10 | 

Repsol YPF

May 21, 2010

Page
 2



Proved gas volumes are based on firm and existing gas contracts, and on the reasonable
expectation that such gas sales contracts will be renewed on similar terms in the future.

The Technical Review presents a
brief discussion of the process GCA used to complete this independent reserve audit, including a detailed breakdown of reserve volumes by reservoir unit/compartment, attached in Appendix II.

This audit examination was based on reserve estimates and other information provided by RY to GCA through September 2009, and included
such tests, procedures and adjustments as were considered necessary. All questions that arose during the course of the certification process were resolved to our satisfaction. GCA believes that the assumptions, data, methods and procedures used in
connection with the preparation of this report are appropriate for the purpose served by the report.

The economic tests for
the September 30, 2009 Proved Developed and Total Proved reserve volumes were based on a realized crude oil price of US$33.50/Bbl and an average gas sales price of US$5.96/Mscf, as advised by RY.

Future capital costs were derived from development program forecasts prepared by RY for the field. Recent historical operating expense
data were utilized as the basis for operating cost projections. GCA has found that RY has projected sufficient capital investments and operating expenses economically to produce the projected volumes.

It is GCAs opinion that the estimates of total remaining recoverable hydrocarbon liquid and gas volumes as of September 30,
2009, are, in the aggregate, reasonable and have been prepared in accordance with the definitions for Proved reserves set out in Rule 4-10 of Regulation S-X of the United States Securities and Exchange Commission, attached in Appendix III.

This assessment has been conducted within the context of GCAs understanding of RYs petroleum property rights as
represented by RY management as well as the effects of petroleum legislation, taxation and other regulations that currently pertain to the property. GCA is not aware of any potential regulation amendments which could affect the ability to recover
the estimated reserves. GCA is not in a position to attest to property title, financial interest relationships or encumbrances thereon for any part of the appraised properties or interests.

There are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development
expenditures, operating expenses and cash flows. Oil and gas reserve engineering and resource assessment must be recognized as a subjective process of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way.
Estimates of oil and gas reserves or resources prepared by other parties may differ, perhaps materially, from those contained within this report. The accuracy of any Reserve or Resource estimate is a function of the quality of the available data and
of engineering and geological interpretation. Results of drilling, testing and production that post-date the preparation of the estimates may justify revisions, some or all of which may be material. Accordingly, Reserve and Resource estimates are
often different from the quantities of oil and gas that are ultimately recovered, and the timing and cost of those volumes that are recovered may vary from that assumed.









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|SAS/bgh/C1490.04/gcah.92.10 | 

Repsol YPF

May 21, 2010

Page
 3



For this assignment, GCA served as independent Reserve auditors. The firms
officers and employees have no direct or indirect interest holding(s) in the property unit(s) evaluated or RY. GCAs remuneration was not in any way contingent on reported reserve or resource estimates.

Finally, please note that GCA reserves the right to approve, in advance, the use and context of the use of any results, statements or
opinions expressed in this report. Such approval shall include, but not be confined to, statements or references in documents of a public or semi-public nature such as loan agreements, prospectuses, reserve statements, press releases etc. This
report has been prepared for RY and should not be used for purposes other than those for which it is intended.



Very truly yours,GAFFNEY, CLINE & ASSOCIATES, INC./s/ David K. MorganDavid K. Morgan
Senior Technical Manager


Attachments



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|---------- |  | ---- |  | ---------------------------
|Appendices |  | I:   |  | Statement of Qualifications
|           |  | II:  |  | Technical Explanations     
|           |  | III: |  | Reserve Definitions (SEC)  









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APPENDICES









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APPENDIX I:

Statement of Qualifications









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Statement of Qualifications

One of GCAs Senior Technical Managers was responsible for overseeing the preparation of the audit. This manager has over 40 years of diversified
international industry experience mainly in reservoir-engineering, geology, reserves estimates, project development, economics and training in the assessment, classification and reporting of reserves and resources. Over the past 5 years he has been
responsible for project review and oversight for GCAs Houston office as it pertains to exploration and production activities including the reserves audits conducted on behalf of Repsol YPF. He is a member of the Society of Petroleum Engineers
(SPE) and holds a petroleum engineering degree from Marietta College.









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APPENDIX II:

Technical Review









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Reserve Statement for Albacora Leste Field, Brazil

as of September 30, 2009

This reserve statement has been prepared by Gaffney, Cline & Associates (GCA) at the request of Repsol YPF Brasil S.A. (RY), a
non-operator of and 10.00% interest participant in the Albacora Leste field in the Campos Basin of Brazil. GCA has conducted an independent audit examination as of September 30, 2009, of the crude oil and natural gas reserves of Albacora Leste
field. On the basis of technical and other information made available to us concerning this property unit, we hereby provide the reserve statement given in the tables below, including a detailed breakdown of reserve volumes by reservoir
unit/compartment.

Albacora Leste Crude Oil Reserves Volumes (thousand barrels)



|                              |  |                          |  |                   |  |            
|----------------------------- |  | ------------------------ |  | ----------------- |  | -----------
|                              |  | ProvedDevelopedProducing |  | ProvedUndeveloped |  | TotalProved
|Total Gross Field Reserves    |  | 233,470                  |  | 15,880            |  | 249,350    
|C1-2                          |  | 77,840                   |  |                  |  | 77,840     
|C5-6-9                        |  | 49,690                   |  |                  |  | 49,690     
|C10-11                        |  | 9,680                    |  |                  |  | 9,680      
|C14-17                        |  | 53,870                   |  | 15,880            |  | 69,750     
|C18                           |  | 10,390                   |  |                  |  | 10,390     
|C19                           |  | 32,000                   |  |                  |  | 32,000     
|Total RY Net Working Interest |  | 22,131                   |  | 1,588             |  | 23,719     
|C1-2                          |  | 7,784                    |  |                  |  | 7,784      
|C5-6-9                        |  | 4,969                    |  |                  |  | 4,969      
|C10-11                        |  | 968                      |  |                  |  | 968        
|C14-17                        |  | 5,387                    |  | 1,588             |  | 6,975      
|C18                           |  | 1,039                    |  |                  |  | 1,039      
|C19                           |  | 1,984                    |  |                  |  | 1,984      

Oil volumes are reported in
thousands of barrels at standard conditions of 14.7 psia and 60 degrees Fahrenheit.









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Albacora Leste Natural Gas Reserves Volumes (million cubic feet)



|                              |  |                          |  |                   |  |            
|----------------------------- |  | ------------------------ |  | ----------------- |  | -----------
|                              |  | ProvedDevelopedProducing |  | ProvedUndeveloped |  | TotalProved
|Total Gross Field Reserves    |  | 76,062                   |  | 3,102             |  | 79,164     
|C1-2                          |  | 24,494                   |  |                  |  | 24,494     
|C5-6-9                        |  | 15,858                   |  |                  |  | 15,858     
|C10-11                        |  | 3,010                    |  |                  |  | 3,010      
|C14-17                        |  | 17,180                   |  | 3,102             |  | 20,282     
|C18                           |  | 3,289                    |  |                  |  | 3,289      
|C19                           |  | 12,231                   |  |                  |  | 12,231     
|Total RY Net Working Interest |  | 7,141                    |  | 310               |  | 7,451      
|C1-2                          |  | 2,449                    |  |                  |  | 2,449      
|C5-6-9                        |  | 1,586                    |  |                  |  | 1,586      
|C10-11                        |  | 301                      |  |                  |  | 301        
|C14-17                        |  | 1,718                    |  | 310               |  | 2,028      
|C18                           |  | 329                      |  |                  |  | 329        
|C19                           |  | 758                      |  |                  |  | 758        

Gas volumes are reported in millions
of cubic feet at standard conditions of 14.7 psia and 60 degrees Fahrenheit.

Albacora Leste Hydrocarbon Reserves
Volumes (thousand BOE)



|                              |  |                          |  |                   |  |            
|----------------------------- |  | ------------------------ |  | ----------------- |  | -----------
|                              |  | ProvedDevelopedProducing |  | ProvedUndeveloped |  | TotalProved
|Total Gross Field Reserves    |  | 247,007                  |  | 16,430            |  | 263,437    
|C1-2                          |  | 82,200                   |  |                  |  | 82,200     
|C5-6-9                        |  | 52,510                   |  |                  |  | 52,510     
|C10-11                        |  | 10,210                   |  |                  |  | 10,210     
|C14-17                        |  | 56,930                   |  | 16,430            |  | 73,360     
|C18                           |  | 10,980                   |  |                  |  | 10,980     
|C19                           |  | 34,177                   |  |                  |  | 34,177     
|Total RY Net Working Interest |  | 23,402                   |  | 1,643             |  | 25,045     
|C1-2                          |  | 8,220                    |  |                  |  | 8,220      
|C5-6-9                        |  | 5,251                    |  |                  |  | 5,251      
|C10-11                        |  | 1,021                    |  |                  |  | 1,021      
|C14-17                        |  | 5,693                    |  | 1,643             |  | 7,336      
|C18                           |  | 1,098                    |  |                  |  | 1,098      
|C19                           |  | 2,119                    |  |                  |  | 2,119      









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GCA METHODOLOGY

The review process was initiated by RY through a two day technical presentation and discussion in their Rio de Janeiro offices. During
these meetings, RY made a comprehensive presentation on the geological, petrophysical, and engineering aspects that went into the determination of their reserve volumes for Albacora Leste. GCA believes RYs technical staff made competent
presentations and were both willing and able to answer GCAs questions regarding the properties under review. It is GCAs opinion that the results presented were reasonable.

GEOLOGIC REVIEW

RYs geologic presentation started with a review of the regional geology of the area and a description of the four reservoir units,
AB90, AB100, AB200 and Caratinga, that make up the Albacora Leste field. As part of this presentation, RY reviewed the petrophysics of each reservoir unit and how that analysis was used to help define the associated hydrocarbon volumes in the
geologic models. A copy of this presentation and all associated data were provided to GCA in electronic format for GCAs detailed review. GCA conducted this detailed review of the primary data in their Houston office and found them to be
reasonable and in-line with the associated geologic model.

RY followed the data review with a discussion of the updated
geologic model. They explained that, based on new, post-2006 production/pressure data, the number of AB100 reservoir compartments were decreased from twelve to five. Again, using post-2006 reservoir data, the AB200 reservoir was reduced from five to
two compartments. The data used to support these changes was reviewed by GCA and considered reasonable. In-place hydrocarbon volumes were calculated using the static geologic model and these in-place volumes were used as a check of the
reasonableness of the recoverable hydrocarbon volumes (reserve volumes) defined from decline curve analysis and material balance calculations. The in-place volumes from the static model were considered to have a reasonable match to the associated
reserve volumes.

RESERVOIR ENGINEERING REVIEW

RYs reservoir engineering presentation described in great detail the modeling processes used to establish reserve estimates for the
four reservoir units in the Albacora Leste field. RY presented the decline curve analyses, based on more than three years production history, that formed the basis for estimation of Proved reserves. A copy of these presentations and all
associated data were provided to GCA in electronic format for GCAs detailed review. GCA conducted this detailed review of the primary data in their Houston office and found RYs aggregate reserve estimates for the Albacora Leste field to
be reasonable and in-line with the appropriate reserve definition guidelines.

In general, GCA believes that RY has been
relatively conservative in their current assessment of Albacora Leste field reserve volumes. The following tables compare gross (100% field) Proved reserves, by compartment, as presented by RY and as assessed by GCA, based on independent decline
curve analysis.









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|                                               |  |         |                                             |  |                |   |  |         |   |  |        |  |         |   |  |                |   |  |         |  
|---------------------------------------------- |  | ------- | ------------------------------------------- |  | -------------- | - |  | ------- | - |  | ------ |  | ------- | - |  | -------------- | - |  | ------- | -
|ABL Gross Proved Reserves @ 9/30/2009 -
Repsol |  |         | ABL Gross Proved Reserves @ 9/30/2009 - GCA | 
|                                               |  | OilMBbl |                                             |  | Sales GasMMscf |   |  | BOEMBOE |   |  |        |  | OilMBbl |   |  | Sales GasMMscf |   |  | BOEMBOE |  
|C1-2                                           |  | 77,840  |                                             |  | 24,494         |   |  | 82,200  |   |  | C1-2   |  | 77,969  |   |  | 24,535         |   |  | 82,336  |  
|C5-6-9                                         |  | 49,690  |                                             |  | 15,857         |   |  | 52,510  |   |  | C5-6-9 |  | 50,424  |   |  | 16,092         |   |  | 53,286  |  
|C10-11                                         |  | 9,680   |                                             |  | 3,010          |   |  | 10,210  |   |  | C10-11 |  | 9,583   |   |  | 2,980          |   |  | 10,108  |  
|C14-17                                         |  | 53,870  |                                             |  | 17,180         |   |  | 56,930  |   |  | C14-17 |  | 52,226  |   |  | 16,656         |   |  | 55,193  |  
|C18                                            |  | 10,390  |                                             |  | 3,289          |   |  | 10,980  |   |  | C18    |  | 11,529  |   |  | 3,649          |   |  | 12,184  |  
|C19                                            |  | 32,000  |                                             |  | 12,231         |   |  | 34,177  |   |  | C19    |  | 32,472  |   |  | 12,411         |   |  | 34,682  |  
|                                               |  |         |                                             |  |                |   |  |         |   |  |        |  |         |   |  |                |   |  |         |  
|Total                                          |  | 233,470 |                                             |  | 76,062         |   |  | 247,007 |   |  | Total  |  | 234,203 |   |  | 76,323         |   |  | 247,787 |  
|                                               |  |         |                                             |  |                |   |  |         |   |  |        |  |         |   |  |                |   |  |         |  
|                                               | 
|Difference: GCA - Repsol                       |  |         | % Difference: (GCA - Repsol) /
GCA          | 
|                                               |  | OilMBbl |                                             |  | Sales GasMMscf |   |  | BOEMBOE |   |  |        |  | Oil%    |   |  | Sales Gas%     |   |  | BOE%    |  
|C1-2                                           |  | 129     |                                             |  | 41             |   |  | 136     |   |  | C1-2   |  | 0.2     |   |  | 0.2            |   |  | 0.2     |  
|C5-6-9                                         |  | 734     |                                             |  | 234            |   |  | 776     |   |  | C5-6-9 |  | 1.5     |   |  | 1.5            |   |  | 1.5     |  
|C10-11                                         |  | (97     | )                                           |  | (30            | ) |  | (102    | ) |  | C10-11 |  | (1.0    | ) |  | (1.0           | ) |  | (1.0    | )
|C14-17                                         |  | (1,644  | )                                           |  | (524           | ) |  | (1,737  | ) |  | C14-17 |  | (3.1    | ) |  | (3.1           | ) |  | (3.1    | )
|C18                                            |  | 1,139   |                                             |  | 361            |   |  | 1,204   |   |  | C18    |  | 9.9     |   |  | 9.9            |   |  | 9.9     |  
|C19                                            |  | 472     |                                             |  | 180            |   |  | 504     |   |  | C19    |  | 1.5     |   |  | 1.5            |   |  | 1.5     |  
|                                               |  |         |                                             |  |                |   |  |         |   |  |        |  |         |   |  |                |   |  |         |  
|Total                                          |  | 733     |                                             |  | 261            |   |  | 780     |   |  | Total  |  | 0.3     |   |  | 0.3            |   |  | 0.3     |  
|                                               |  |         |                                             |  |                |   |  |         |   |  |        |  |         |   |  |                |   |  |         |  

For compartments C1-2, C5-6-9, C10-11, and C19, the Repsol and GCA volumes are in close agreement. However,
GCA believes that Repsol has somewhat overstated the Proved reserves in compartment C14-17, in light of recent production performance since their decline analysis as of 6/30/2009. The practice of adjusting reserve estimates based on an out-dated
analysis by deducting three months production volumes is not recommended. On the other hand, GCAs analysis of compartment C18 suggests a conservative interpretation by Repsol. With an aggregate difference of 0.3%, which represents 780
MBOE, RYs gross Proved reserves volumes are well within the tolerance required for ratification by GCA.

In addition to
the technical presentation and data described above, RY provided GCA with reports of development plans, historical and forecast capital and operating costs and resulting economic analyses to support the RY reserve estimates. After detailed review of
these data, GCA believes that economic limits do not impact the reserve volumes reported by RY within the term of the Albacora Leste licensing contract, which expires on August 6, 2025.









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APPENDIX III:

Reserves Definitions

(SEC)









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SEC DEFINITIONS FOR OIL AND GAS RESERVES

Proved Oil and Gas Reserves

Proved oil and gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids which geological and
engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, i.e., prices and costs as of the date the estimate is made. Prices include consideration
of changes in existing prices provided only by contractual arrangements, but not on escalations based upon future conditions.



|(i) | Reservoirs are considered proved if economic producibility is supported by either actual production or conclusive formation tests. The area of a reservoir considered
proved includes (A) that portion delineated by drilling and defined by gas-oil and/or oil-water contacts, if any; and (B) the immediately adjoining portions not yet drilled, but which can be reasonably judged as economically productive on
the basis of available geological and engineering data. In the absence of information on fluid contacts, the lowest known structural occurrence of hydrocarbons controls the lower proved limit of the reservoir.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(ii) | Reserves which can be produced economically through application of improved recovery techniques (such as fluid injection) are included in the proved
classification when successful testing by a pilot project, or the operation of an installed program in the reservoir, provides support for the engineering analysis on which the project or program was based.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|(iii) | Estimates of proved reserves do not include the following: (A) oil that may become available from know reservoirs, but is classified separately as indicated
additional reserves; (B) crude oil, natural gas and natural gas liquids, the recovery of which is subject to reasonable doubt because of uncertainty as to geology, reservoir characteristics, or economic factors: (C) crude oil,
natural gas, and natural gas liquids that may occur in undrilled prospects; and (D) crude oil, natural gas and natural gas liquids that may be recovered from oil shales, coal, gilsonite and other such sources.
|----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Proved Developed Oil and Gas Reserves

Proved developed oil and gas reserves that can be expected to be recovered through existing wells with existing equipment and operating
methods. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery should be included as proved
developed reserves only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved.

Proved Undeveloped Reserves

Proved undeveloped oil and gas reserves are reserves that are expected to be recovered from new wells on undrilled acreage, or from
existing wells where a relatively major expenditure is required for recompletion. Reserves or undrilled acreage shall be limited to those drilling units offsetting productive units that are reasonably certain of production when drilled. Proved
reserves for other undrilled units can be claimed only where it can be demonstrated with certainty that there is continuity of production from the existing productive formation. Under no circumstances should estimates for proved undeveloped reserves
be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual tests in the area and in the same reservoir.