Exploration & Production (‘E&P’)


Pampa is one of the leading hydrocarbon E&P companies in Argentina: it currently has a 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, 2017 is 125 million boe, corresponding 89% to natural gas and 11% to liquids. These P1 reserves are 100% located in Argentina, being 58% developed and 42% 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 8,842 381,212 72
Proved Undeveloped 4,975 286,343 53
Total Proved Reserves 13,817 667,555 125


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

Technical Data Q3 2017 Q3 2018
Number of productive wells in Argentina 911 922
Average gas production in Argentina (million cubic feet/day) 250 238
Average oil production in Argentina (thousand bbl/day) 8.3 5.4
Total average production in Argentina (thousand boe/day) 50 45
Average gas price in US$/million BTU 6.3 4.5
Average oil price in US$/bbl 49.4 63.4
Financial Data(2) 2016 2017
Revenues 5,579 10,641
Fiscal year’s results, attributable to company’s shareholders 627 3,241
Assets 19,414 22,116
Liabilities 11,662 10,446
Shareholders’ Equity 7,752 11,670

Notes: Gas price as of Q3 2017 considers Plan Gas 2 compensation. 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). (2)Consolidated annual financial statements, figures in million pesos. Fiscal year 2016 considered as from the closing of the acquisition of Petrobras Argentina in August 2016.

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
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)
Enarsa 1 (E1)(3) Continental Shelf Offshore Argentina 25% YPF
Enarsa 3 (E3)(3) 35% Pampa

Notes: (1)In process of approval by Provincial Executive Order. (2)In process of being transferred to GyP (holder of the exploration permit). (3)In effect since April 2006 and November 2006, respectively, we informed our partners in E1 and E3 of our decision not to participate in the conversion of such agreements into exploration permits.