Deal Insight

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

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11 May 2016

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.

Table of contents

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

Tables and charts

This report includes 7 images and tables including:

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Oil & gas pricing and assumptions: Table 3
  • Upstream assets: Table 1

What's included

This report contains:

  • Document

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

    PDF 296.83 KB