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 fourth quarter of 2020 (Q4 20):

• 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$2.1/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)	Total (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	Q4 19	Q4 20
Number of productive wells in Argentina	885	858
Average gas production in Argentina (million cubic feet/day)	256	236
Average oil production in Argentina (thousand bbl/day)	5.0	4.3
Total average production in Argentina (thousand boe/day)	47.7	43.7
Average gas price in US$/million BTU	2.6	2.1
Average oil price in US$/bbl	50.3	41.3

Notes: Q4 19: fourth quarter 2019.