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 third quarter of 2023 (Q3 23):

  • The production level reached 80.4 thousand boe/d (barrels of oil equivalent per day), corresponding 94% to natural gas and 6% to crude oil
  • The 12.9 million m3 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$4.7/million BTU

Moreover, Pampa’s total proven reserves (‘P1’), developed and undeveloped, as of December 31, 2022 is 179 million boe, corresponding 94% to natural gas and 6% to liquids. These P1 reserves are 100% located in Argentina, being 61% developed and 39% 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 7,722 613,505 110 93%
Proved undeveloped 3,214 396,987 69 95%
Total proved reserves 10,937 1,010,492 179 94%


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

Technical Data Q4 22 Q3 23
Number of productive wells in Argentina 895 810
Average gas production in Argentina (thousand m3/day) 10,118 12,860
Average oil production in Argentina (thousand bbl/day) 5.1 4.7
Total average production in Argentina (thousand boe/day) 64.6 80.4
Average gas price in US$/million BTU 4.4 4.7
Average oil price in US$/bbl 72.6 63.1

Notes: Q4 22: fourth quarter 2022.

Conversion chart

Product From To Calculation Converter
Crude oil m3 bbl X 6.28981
Gas million m3 million standard cubic feet X 35.31466247
Gas million standard cubic feet thousand boe / 6
Gas million m3 BTU / 27.096344
Productive Blocks in Argentina
Exploratory Blocks in Argentina