Oleoductos del Valle (‘OldelVal’)

As of December 31, 2023, Pampa holds a 2.1% direct interest in OldelVal, a company engaged in the exploitation of main oil pipelines providing access to Allen, in the Comahue area, and the Allen – Puerto Rosales oil pipeline, facilitating the evacuation of the oil produced in the Neuquina Basin to Puerto Rosales (a port in the City of Bahía Blanca) and supplying the Plaza Huincul and Luján de Cuyo distilleries in its route.

In 2023, the total transported volume was 55,021 m³ per day, equivalent to 126.3 million bbl, experiencing a 15.6% increase vs. 2022. Oil transportation from Allen to Puerto Rosales reached 44,146 m³ per day on average, whereas that for the refineries located in the provinces of Neuquén and Mendoza averaged 2,898 m³ and 7,978 m³ per day, respectively. It is worth highlighting that, as of the closing of 2023, this section’s transportation capacity was 34,560 m³ per day without and 48,000 m³ per day with friction-reducing agents.

In view of the production growth in the Neuquina Basin, OldelVal implemented the Duplicar expansion project, consisting of 525 km of pipelines throughout three provinces: Río Negro, La Pampa and Buenos Aires, besides a new terminal station in Puerto Rosales. The project’s investment is estimated at US$1,184 million, with a 28-month execution term. Financing comes from the local capital market and disbursements by shippers as per contracts executed between Oldelval and producers under the Ship or Pay modality for the new capacity available as from December 2022.

Finally, on October 1, 2023, Duplicar Project’s first expansion was commissioned, starting the allocation of firm capacity to producers hiring additional transportation capacity for 12,000 m³ per day.