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Argentine company Pampa Energía buys French total Austral stake in vaca muerta oil block
Argentine company Pampa Energía buys French total Austral stake in vaca muerta oil block
BUENOS AIRES, June 26 (Reuters) - Argentine company Pampa Energía has bought its 45% stake in the Rincón de Aranda conventional oil block in Vaca Muerta, Neuquén province, from Frances Total Austral SA, the company said on Monday. its a statement.
With the transaction, Pampa, the third largest gas producer in the Neuquén basin, now owns 100% of the Rincón de Aranda block, which has a concession for the conventional exploitation of hydrocarbons. Pampa said that it will request its conversion to an unconventional exploitation concession.
"With this incorporation, Pampa continues to diversify its presence in the energy sector and reinforces its commitment to the development of Vaca Muerta," the company said in the statement.
"With the acquisition of this remaining 45%, the company increases its exposure in the unconventional oil segment, in a block with great productive potential," he added.
The operation included the sale of Pampa to Total of the Mario Cebreiro wind farm, in Bahía Blanca, province of Buenos Aires.
The activity of Pampa in Vaca Muerta, the second unconventional gas reserve in the world and the fourth oil, covers about 8% of the surface of Vaca Muerta.
The company said that it has an investment plan underway for more than 1,100 million dollars in the 2021-2023 period to expand its production capacity for both gas and oil. |
