Exploration & Production (‘E&P’)


Pampa is one of the leading hydrocarbon E&P companies in Argentina, with a presence in the country’s major basins, from which it obtains natural gas and crude oil. As of first quarter of 2021 (Q1 21):

  • The production level reached 43.7 thousand boe/d (barrels of oil equivalent per day), corresponding 90% to natural gas and 10% to crude oil
  • The 236 million cubic feet per day of natural gas production mainly comes from ‘El Mangrullo’, ‘Rincón del Mangrullo’, ‘Río Neuquén’ and ‘Sierra Chata’ blocks and it was sold at an average price of US$2.8/million BTU

Moreover, Pampa’s total proven reserves (‘P1’), developed and undeveloped, as of December 31, 2020 is 142 million boe, corresponding 90% to natural gas and 10% to liquids. These P1 reserves are 100% located in Argentina, being 49% developed and 51% undeveloped:

Proved reserves category (‘P1’) Crude oil, condensate and NGL
(in thousand barrels)
Natural gas
(in million cubic feet)
(in million boe)
% of gas
Proved developed 7,761 371,999 70 89%
Proved undeveloped 5,765 397,520 72 92%
Total proved reserves 13,526 769,519 142 90%


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

Technical Data Q1 20 Q1 21
Number of productive wells in Argentina 874 876
Average gas production in Argentina (million cubic feet/day) 244 237
Average oil production in Argentina (thousand bbl/day) 5.3 4.2
Total average production in Argentina (thousand boe/day) 46.0 43.7
Average gas price in US$/million BTU 2.3 2.8
Average oil price in US$/bbl 49.7 55.4

Notes: Q1 20: first quarter 2020.

Productive Blocks in Argentina
Productive Blocks Outside Argentina
Exploratory Blocks in Argentina