We hold interests and operate more than 144 oil and gas fields across twelve blocks in the Austral basin, one block in the Northwestern basin and one block in the Eastern basin (in Venezuela). Our areas in Argentina cover an aggregate 6.5 million gross acres and 5.6 million net acres.  The Austral basin, located in the extreme south of South America, comprises the substantial majority of our production and reserves, and is where we intend to continue to focus our activities. We operate all of our oil and gas fields in the Austral basin and joint operating partners operate our oil and gas field in the Northwestern basin, Aguaragüe block

Our production and development activities are conducted pursuant to 27 production concessions and three exploration permits granted by the Argentine federal and provincial governments. One of our concessions is for non-conventional gas production in the Campo Indio Este-El Cerrito block, which was extended for an additional 35-year term in January 2018. We conduct these activities ourselves or in conjunction with joint operating partners.

We own several infrastructure facilities in the Austral Basin, including oil and natural gas treatment plants, gathering systems, batteries for collecting fluids at each field and more than 1,300 km of interconnection pipelines to transport production to treatment. This allow us to switch our oil and gas mix to quickly respond to changes in the domestic and international energy market and to capture the best prices available in the market. Additionally, we operate important storage and delivery facilities (with capacity of 135,000 m3) near the Punta Loyola sea port, which allows us to easily access the oil market. 

In February 19, 2020, we inaugurated our “Sur Río Chico” underground gas storage facility, the second such facility in Argentina, which will allow us to inject approximately 1,000 Mm3/d of natural gas during the summer season and extract approximately 2,000 Mm3/d during the winter season.

In June 30, 2021, we acquired Sinopec Argentina Exploration and Production. With this, we increased our production by more than 50,000 Barrels of oil equivalent per day (boe), pushing its total production to a combination of 63% gas and 37% oil (previously 85% and 15% respectively). 

Sinopec Argentina’s sites cover more than 4,600 km2, with a majority located in Cuenca del Golfo de San Jorge and in Cuenca Cuyana. Sinopec Argentina also has a stake in Termap, the operator of port terminals in Caleta Olivia (Santa Cruz) and Caleta Córdova (Chubut). Combined with Sinopec Argentina, the Company has substantially increased its oil production to more than 3,100 m3 per day (m3/d) and its gas production to 5,600 Mm3 per day (Mm3/d). Proven reserves will increase by a margin higher than 50% (from 59 MM boe to 90 MM boe).

Additionally, we have significant investments in a network of pipelines in northern and central Argentina. In 2020, this network of pipelines represented 40% of the gas transportation market in Argentina and consisted of an aggregate total length of over 7,300 km of pipeline with a delivery capacity of approximately 60 MMm3/d.