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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 2025:

  • The production level reached 84.4 kboepd (thousand barrels of oil equivalent per day), corresponding 86% to natural gas and 14% to crude oil.
  • The 12.5 mcmpd (million cubic meters per day) of natural gas production mainly comes from El Mangrullo, Sierra Chata,  Río Neuquén and Rincón del Mangrullo blocks and it was sold at an average price of US$3.7/million BTU.

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

Technical Data 2025 2024
Number of productive wells in Argentina 470 688
Average gas production in Argentina (mcmpd) 12.4 12.5
Average oil production in Argentina (kbpd) 11,7 4,8
Total average production in Argentina (kboepd) 84,4 78,2
Average gas price in US$/million BTU 3,7 3,7
Average oil price in US$/bbl 61,5 70,2
Productive Blocks in Argentina
Block Province Basin Stake Operator
El Mangrullo Neuquén Neuquina 100% Pampa
Sierra Chata 45,55%
Rincón del Mangrullo(1) 50% YPF
Río Neuquén Neuquén & Río Negro 33,07% & 31,42%
Rio Limay Este (ex Senillosa) Neuquén 85% Pampa
Aguaragüe Salta Northwestern (‘Noroeste’) 15% Tecpetrol
Los Blancos Salta Northwestern (‘Noroeste’) 50% High Luck Group
Veta Escondida Neuquén Neuquina 55% Pampa
Rincón de Aranda Neuquén Neuquina 100% Pampa
Notes: (1) It does not include Vaca Muerta formation.
Exploratory Blocks in Argentina
Proven reserves ('P1')