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 2022 (Q1 22):

• The production level reached 57.5 thousand boe/d (barrels of oil equivalent per day), corresponding 91% to natural gas and 9% to crude oil
• The 315 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$3.5/million BTU

Moreover, Pampa’s total proven reserves (‘P1’), developed and undeveloped, as of December 31, 2021 is 157 million boe, corresponding 92% to natural gas and 8% 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)	Total (in million boe)	% of gas
Proved developed	7,970	527,870	96	92%
Proved undeveloped	4,655	338,671	61	92%
Total proved reserves	12,625	866,541	157	92%

 

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

Technical Data	Q1 21	Q1 22
Number of productive wells in Argentina	876	888
Average gas production in Argentina (million cubic feet/day)	237	315
Average oil production in Argentina (thousand bbl/day)	4.2	5.1
Total average production in Argentina (thousand boe/day)	43.8	57.5
Average gas price in US$/million BTU	2.8	3.5
Average oil price in US$/bbl	55.4	69.0

Notes: Q1 21: first quarter 2021.

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