The integrated company Pampa Energía presented its results for the first quarter of 2024 and reported that it had a 31% year-on-year increase in its gas production. Also, it achieved promising results in its first exploratory oil well in the Rincón de Aranda field, in Vaca Muerta.
The firm highlighted the growth of its gas production in Vaca Muerta. Its CEO, Gustavo Mariani, stressed that «This increase is the result of the investment we made in the deposits El Mangrullo and Sierra Chata and the sales volume that we obtained in the tender for round 4.2 of the Gas Plan.
Production from the Sierra Chata area starts from Vaca Muerta, but eThe star gas production area of the firm is El Mangrullowhich is obtained from the Agrio formation.
As for sales, they recorded a year-on-year drop of 7% to US$401 million. It is explained by “lower base energy and petrochemical pricesadded to the reduction in gas exports and crude oil sales, partially offset by higher gas deliveries due to the recovery of local gas demand and the authorization of the Presidente Néstor Kirchner Gas Pipeline,” according to the results accessed Power On.
Regarding oil, the company highlighted the results of its first exploratory well in Rincón de Aranda. It is a field that operates and where it has 100% after the acquisition in June 2023 of the participation that TotalEnergies had. It is an exploratory block of 240 square kilometers, in the heart of the Vaca Muerta crude oil window, in Neuquén.
According to the company, the data obtained reflects that The values position it among the best wells that have already been drilled in the area. The executive director of E&P, Horacio Turri, indicated that “more than 200 wells could be drilled in the Rincón de Aranda block with the information to date. This development implies production levels of around 35/40,000 barrels per day (bbl/d).”
Regarding the generation of electrical energy, Pampa reported that it continues with the works of its Pampa Energía VI Wind Farm in the town of Bahía Blanca, which will add 140MW of renewable energy. For this purpose, it will invest 260 million dollars and its commercial authorization is scheduled for the second half of the year. In 2023, the first wind turbines were assembled.
The controversy over the debt of Cammesa and Pampa Energía
The firm is no stranger to the debts that Cammesa, the electricity wholesaler, accumulates with the generators. Total, the company should have received 140,000 million pesos which include the months between December 2023 and February 2024, “including accrued interest and value added tax,” the company expressed.
The payment method defined by the Nation for Cammesa’s debts consists of AE38 dollarized bonds that today are quoted at 50% parity, so the firm recorded “an impairment loss of US$ 34 million on sales credits to Cammesa«.
This situation generated a confusing episode this Wednesday between Pampa Energía and the National Government.
After the presentation of operational and financial results, The company announced that they were “analyzing legal measures”, given the Government’s desire to pay off Cammesa’s debt with sovereign bonds.. This was written in an official document that was hosted on the company’s website.
However, the firm clarified the episode: “We are optimistic about finding a way out of the debt with Cammesa. With small improvements to the current proposal, and taking into account the constraints facing the Secretary of Energy and the Treasury, we can achieve this”
