FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

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

the Securities Exchange Act of 1934

For the month of December, 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. Official notice dated December 2328, 2010.

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~~Official~~Madrid, ~~Notice~~December 28th 2010

~~Chief~~REPSOL ~~Financial~~SUCCESSFULLY ~~Officer~~COMPLETES ~~Paseo~~THE deCAPITAL laINCREASE ~~Castellana, 278-280 28046 Madrid Spain Tel. 34 917 538 100 34 917 538 000 Fax 34 913 489 494 www.repsol.com~~

~~Madrid,~~IN ~~December 23~~BRAZIL, ~~2010~~SUBSCRIBED IN ITS ENTIRETY BY SINOPEC

~~REPSOL~~• ~~AGREES~~Antonio TOBrufau: ~~SELL~~With ~~ANOTHER~~this ~~3.3%~~transaction, OFconcluded ~~YPF~~in ~~FOR~~a ~~$500~~short ~~MILLION~~time, we have created one of Latin America’s largest energy companies, in one of the countries with greatest economic push in the world.

~~Additionally~~• The Shareholders’ Meeting of Repsol Brazil, ~~agrees~~held totoday ~~issue~~in ~~warrants~~Rio ~~for~~de Janeiro (Brazil) approved a ~~further~~capital 1increase worth $7.~~63%~~1 billion, subscribed in its entirety by Sinopec.

• Repsol ~~reaches~~holds an60% ~~agreement~~of ~~with~~the ~~funds~~share ~~advised~~capital byof ~~Eton~~the ~~Park~~Brazilian ~~Capital~~company ~~Management (“Eton Park”)~~ and ~~funds~~Sinopec ~~advised~~the byremaining ~~Capital~~40%. ~~Guardian~~These ~~Trust~~shareholdings ~~Company~~are ~~and~~reflected ~~Capital~~in ~~International,~~the ~~Inc.~~composition ~~(“Capital”)~~of tothe ~~sell~~Board aof ~~1.63%~~Directors ~~stake~~and incompany ~~YPF to each~~management.

• ~~These~~The ~~transactions~~Board ~~are~~of ~~part~~Directors ofwill ~~Repsol’s~~be ~~strategic~~chaired ~~plan~~by toNemesio ~~rebalance~~Fernandez-Cuesta ~~its~~and, ~~portfolio~~Graciano ofRodriguez ~~assets~~Mateos will continue as Chief Executive Officer (CEO).

• ~~The~~This ~~$39/share~~transaction ~~transactions~~generates ~~are~~for inRepsol ~~line~~an ~~with~~accounting ~~the~~capital ~~most~~gain ~~significant~~of ~~sales~~$3.8 ~~carried out in the last few weeks~~billion.

• ~~Additionally,~~The ~~Eton~~funds ~~Park~~generated ~~acquired~~by ~~warrants~~this totransaction ~~purchase~~ensure upthe tonecessary aninvestments ~~additional~~for ~~1.63%~~the development of ~~YPF~~the Brazilian offshore assets, ~~exercisable~~which ~~until~~include ~~January~~some ~~2012~~of atthe ~~$43/share~~world’s largest exploratory discoveries such as Guara and Carioca.

• ~~YPF~~“This isagreement ~~Argentina’s~~becomes ~~largest~~a ~~privately-owned~~milestone ~~company~~in ~~and~~the ~~one~~development of ~~Latin-America~~Repsol’s ~~leading~~exploratory ~~energy~~strategy ~~companies~~and is a good value reflection of our commitment in Brazil, with a great industrial partner as is Sinopec”, said Repsol Chairman, Antonio Brufau.

•Repsol ~~“These~~and ~~transactions~~Sinopec ~~help~~today successfully closed the agreement reached in October to ~~increase~~jointly develop the ~~value~~exploration and production of ~~Repsol~~its ~~and~~Brazil ~~bring~~offshore usassets ~~closer~~and to ~~achieving~~create one of ~~our~~the ~~key~~Latin ~~strategic~~America’s ~~goals,”~~largest ~~said~~private ~~Repsol~~energy ~~Chairman Antonio Brufau~~companies.

~~Repsol~~After ~~has~~obtaining ~~agreed~~the tonecessary ~~sell~~authorizations ~~3.3%~~from the authorities of ~~YPF~~the People’s ~~share~~Republic ~~capital~~of toChina, ~~Eton~~Sinopec ~~Park~~has ~~and~~subscribed ~~Capital~~in its entirety for ~~$500~~a ~~million~~capital increase of Repsol Brazil of $7.1 billion, which has resulted in a company valued at $17.8 billion.

~~The~~After ~~$39/share~~completing ~~deal~~this istransaction in the shareholders’ meeting held today in ~~line~~Rio ~~with~~de Janeiro, Repsol holds 60% of the ~~most~~shares ~~significant~~of ~~sales~~Repsol ~~carried~~Brazil ~~out~~while ~~during~~Sinopec holds the ~~last~~remaining ~~few~~40%. ~~weeks~~These ~~with~~shareholdings ~~YPF~~are ~~stock.~~reflected in the composition of the Board of Directors of the company, made up

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~~Eton~~ by ~~Park~~10 ~~has~~members ~~acquired~~and achaired ~~1.63%~~by ~~stake~~Nemesio ~~in YPF~~Fernandez-Cuesta, ~~for~~Repsol ~~$250~~YPF’s ~~million.~~Executive ~~Similarly,~~Managing ~~Capital~~Director ~~has~~of ~~acquired an identical stake at the same price~~Upstream.

~~Additionally,~~Both ~~Eton~~companies ~~Park~~have ~~acquired~~signed ~~warrants~~a shareholders’ agreement to ~~buy,~~jointly indevelop ~~one~~the orcurrent ~~multiple~~exploration ~~transactions,~~and aproduction ~~further~~businesses ~~1.63%~~in ofBrazil, ~~YPF~~bringing attogether ~~$43/share.~~the ~~The~~necessary ~~warrants~~resources ~~are~~and ~~exercisable~~sharing certain ~~until~~operational ~~January 17,~~and ~~2012~~financial strategic decisions.

~~Official~~In ~~Notice~~order to determine the results of this transaction in its consolidated financial statements, Repsol has applied the criteria laid out in NIC 31. This has resulted in a capital gain of $3.8 billion corresponding to 40% of the value assigned to Repsol’s assets in Brazil, after reducing their book value.

The ~~shares~~injection ~~covered~~of funds by ~~these~~Sinopec ~~private transactions,~~ in ~~the~~this ~~form~~transaction ofwill ~~American~~allow ~~Depositary~~Repsol ~~Shares~~Sinopec ~~(ADS),~~Brazil ~~are subject~~ to ~~transfer restrictions~~fully ~~and~~develop ~~cannot~~all beof ~~resold~~its ~~until~~current ~~a possible resale by Eton Park or Capital is registered with the US Securities and Exchange Commission~~projects, orwhich ~~pursuant~~include tosome of ~~an exemption from~~ the ~~registration~~world’s ~~requirements~~largest ~~under~~exploratory ~~the~~discoveries USin ~~securities~~recent ~~laws~~years. ~~Repsol~~Brazil’s ~~has agreed~~Offshore toboasts ~~cause~~one ~~the resale~~ of the ~~ADS~~world’s ~~sold~~fastest-growing inoil ~~these~~and ~~transactions~~gas ~~(including any ADSs underlying the warrants sold to Eton Park), to be registered with the SEC~~reserves.

~~After~~The ~~these~~agreement ~~transactions,~~between ~~YPF’s~~Repsol ~~ownership~~and ~~structure~~Sinopec ishighlights asthe ~~follows:~~enormous ~~Repsol~~international ~~Group~~interest ~~(79.84%),~~in ~~Petersen~~the ~~Group~~pre-salt ~~(15.46%)~~ exploration and production activity led by Petrobras, where Repsol Brazil has a ~~4.69%~~very ~~free~~high ~~float~~profile due to the quality of its assets in that area.

~~This~~Both ~~process~~Repsol isand ~~part~~Sinopec ofwill ~~Repsol’s~~continue ~~strategy,~~their asexpansion ~~laid~~plans ~~out~~ in ~~the~~Brazil ~~Horizon~~and ~~2014~~will ~~plan~~participate, jointly toor ~~partially~~independently, ~~divest~~ in ~~YPF~~future tobids ~~rebalance~~in ~~its global asset portfolio~~Brazil.

~~YPF~~Antonio isBrufau ~~Argentina’s~~said, ~~largest~~“This ~~company,~~agreement ~~the~~becomes ~~largest~~a ~~investor~~milestone in the ~~country,~~development ~~the second-largest exporter and one~~ of ~~the biggest employers.~~ ItRepsol’s isexploratory ~~market-leader~~strategy ~~in exploration~~ and ~~production,~~is ~~refining~~a ~~and~~good ~~marketing~~value ~~and~~reflection ~~chemicals~~of ~~and~~our ~~provides~~commitment ~~more~~in ~~than 30~~Brazil,~~000~~ ~~direct and indirect jobs. YPF plays an important social role, contributing permanently~~ with ~~numerous~~a ~~programs~~great toindustrial ~~the~~partner ~~communities~~as ~~in which~~is ~~it does business~~Sinopec”.

Repsol has granted Capital a put option to sell the ADS at $39/share in proportion to the amount by which the stock acquired by Capital exceeds 15% of YPF’s public float at December 22, 2011. Given that YPF’s current free float is already 4.7%, an additional 6.2% needs to be sold in the market to avoid the option being exercised. Independently of these transactions, YPF filed a registration statement with the United States’ Securities Exchange Commission (SEC) in November, not yet effective, so that Repsol may sell as much as 15% of YPF shares in the market.

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~~The~~Su ~~ADS~~Shulin ~~subject~~Sinopec toChairman ~~this~~Antonio ~~transaction~~Brufau ~~have~~Repsol ~~not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.~~ Chairman

Repsol and Sinopec Exploration and production assets in Brazil

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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: December 23rd, 2010	By:	/s/ Fernando Ramírez
Date: December 28th, 2010	By:		/S/ IÑIGO ALONSO DE NORIEGA
		Name: Fernando Ramírez
	Name:		Iñigo Alonso de Noriega
		Title: Chief Financial Officer
	Title:		Corporate Governance Director

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