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Petrobras sells Argentina business to Pampa Energia for US$903 million


Petrobras sells Argentina business to Pampa Energia for US$903 million

Report summary

Pampa Energia will acquire Petrobras' stake in Petrobras Argentina (PESA) in a US$903 million deal. The transaction includes interests in several upstream, petrochemical, pipeline and power generation assets. The upstream blocks hold mainly mature assets. Petrobras will, however, retain 33.6% in the Rio Neuquén block and the company's assets in Bolivia and Venezuela are excluded from the deal. We estimate that Pampa will acquire 31,000 boe/d of production in 2016. Our valuation represents a discount to the price Pampa paid as we do not account for the non-upstream assets in the transaction. Pampa Energia likely sees upside from the tight gas potential in the El Mangrullo, Rio Neuquén and Sierra Chata blocks. The same blocks also give exposure to the Vaca Muerta shale oil and gas windows.

What's included?

This report includes 1 file(s)

  • Petrobras sells Argentina business to Pampa Energia for US$903 million PDF - 296.83 KB 7 Pages, 7 Tables, 0 Figures

Description

The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
  • Upstream assets
    • Key commercial assets
      • El Mangrullo
      • Río Neuquén
      • Sierra Chata
      • El Tordillo
      • 25 de Mayo-Medanito
      • Exploration
  • Deal analysis
  • Upsides and risks
    • Unconventional upside
    • Operating risks
  • Strategic rationale
    • Petrobras
    • Pampa Energia
  • Oil & gas pricing and assumptions

In this report there are 7 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
    • Oil & gas pricing and assumptions: Table 3
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