Pampa Energía plans Vaca Muerta crude development
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.
Camilo Ciruzzi | South America Correspondent
Ciruzzi is a journalist based in the Argentine province of Río Negro. He has over 30 years of experience in radio and print media. Ciruzzi studied Communication Sciences at the University of Buenos Aires and specialized in energy, political economy, and finance.