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 2022 (Q3 22):

• The production level reached 68.5 thousand boe/d (barrels of oil equivalent per day), corresponding 92% to natural gas and 8% to crude oil
• The 10.7 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$4.8/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	Q3 21	Q3 22
Number of productive wells in Argentina	886	887
Average gas production in Argentina (thousand m3/day)	8,940	10,705
Average oil production in Argentina (thousand bbl/day)	4.8	5.5
Total average production in Argentina (thousand boe/day)	57.4	68.5
Average gas price in US$/million BTU	4.4	4.8
Average oil price in US$/bbl	61.6	70.2

Notes: Q3 21: third 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