Exploration & Production (‘E&P’)


Pampa is one of the leading hydrocarbon E&P companies in Argentina, with presence in the country’s major basins, from which it obtains natural gas and crude oil.

Moreover, Pampa’s total proven reserves (‘P1’), developed and undeveloped, for the continuing operations(1) as of December 31, 2018 is 130 million boe, corresponding 88% to natural gas and 12% to liquids. These P1 reserves are 100% located in Argentina, being 59% developed and 41% undeveloped:

Proved Reserves Category (‘P1’)(1) Crude Oil, condensate and NGL
(in thousand barrels)
Natural Gas
(in million cubic feet)
(in million boe)
Proved Developed 9,179 409,778 77
Proved Undeveloped 5,818 282,180 53
Total Proved Reserves 14,997 691,958 130


The following table summarizes the E&P’s main technical indicators for the continuing operations:

Technical Data 2017 2018
Number of productive wells in Argentina 904 892
Average gas production in Argentina (million cubic feet/day) 248 238
Average oil production in Argentina (thousand bbl/day) 7.6 5.1
Total average production in Argentina (thousand boe/day) 48.9 44.8
Average gas price in US$/million BTU 6.3 4.7
Average oil price in US$/bbl 49.8 63.0

Notes: Gas price considers Plan Gas 2 compensation until June 30, 2018. The production considers the 100% contribution of Medanito La Pampa, block in which services were provided until Q4 2017. (1)Excludes the assets sold to Vista (discontinued operation).

Productive Blocks in Argentina
Block Province Basin Stake Operator
El Mangrullo Neuquén Neuquina 100% Pampa
Sierra Chata 45.55%
Rincón del Mangrullo 50% YPF
Río Neuquén Neuquén & Río Negro 33.07% & 31.42%
Estación Fernández Oro Río Negro 15% over 13 wells YPF (through Ysur)
Anticlinal Campamento Neuquén 15% over 9 wells Oilstone Energía
Rio Limay Este (former Senillosa) 85% Pampa
Aguaragüe Salta Northwestern (‘Noroeste’) 15% Tecpetrol
La Tapera – Puesto Quiroga Chubut Golfo San Jorge 35.67%
El Tordillo
Gobernador Ayala Mendoza Neuquina 22.51% Pluspetrol


Productive Blocks Outside Argentina
Block Country Basin Indirect Stake Operator
Oritupano – Leona Venezuela Oriental 22% Petroritupano
Acema 34.49% Petrovenbras
Mata Petrokariña
La Concepción Lago Maracaibo 36% Petrowayu


Exploratory Blocks in Argentina
Block Location Basin Stake Operator
Parva Negra Este Province of Neuquén Neuquina 42.5% Pampa
Las Tacanas Norte(1) 90%
Veta Escondida and Rincón de Aranda 55%
Río Atuel Province of Mendoza 33.33% Petrolera El Trebol
Chirete Province of Salta Northwestern (‘Noroeste’) 50% High Luck Group Limited
Borde del Limay(2) Province of Neuquén Neuquina 85% Pampa
Los Vértices(2)

Notes: (1)Effective as from January 4, 2019. (2)In process of being transferred to GyP (holder of the exploration permit).