Pampa Energía acquires additional Petrobras Argentina stake for US$156mn

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Thursday, November 24, 2016

Argentine integrated energy utility Pampa Energía acquired a 12% additional stake in Petrobras Argentina from fellow shareholder FGS, a fund administered by national social security agency Anses.

The US$156mn transaction brings Pampa's controlling stake in Petrobras Argentina – which it acquired this year from Brazilian national oil company Petrobras – to 90.4%, FGS said Tuesday in a statement.

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The deal with FGS was reached as part of a mandatory public tender offer by Pampa for the remaining shares in Petrobras Argentina as stipulated under the original acquisition.

The newly acquired E&P assets from Petrobras Argentina contributed 64,200boe/d of Pampa's 81,900boe/d total oil and gas sales in the third quarter of 2016, according to a company earnings report.

Petrobras Argentina also operates in the power generation, transmission and distribution segments, as well as midstream and downstream oil and gas.