Pampa Energía SA plans to invest $161 million through 2024 and early 2025 to develop crude oil from its Rincón de Aranda block in Vaca Muerta. The company expects to reach maximum production of 15,000-20,000 b/d by 2027-28.
Pampa’s natural gas production has already been rising due to startup this summer of the 11-million cu m/day (MMcmd) President Néstor Kirchner Gas Pipeline. Pampa produced an average of nearly 13 MMcmd in third-quarter 2023, a new high for the company and up 20% year-on-year. Production peaked at 16 MMcmd, 44% higher than 2022’s single biggest day. Forty-three percent of Pampa’s gas production came from the Vaca Muerta formation, compared with 3% in the same quarter last year.
Rincón de Aranda was jointly owned with TotalEnergies SE (45%) until earlier this year when an asset exchange gave Pampa full control (OGJ Online, Sept. 21, 2023).
In third-quarter 2023 Pampa had sales of $474 million, down 7% compared with third-quarter 2022, and a net profit of $152 million. The company ascribed the softer sales to the decline in international prices.