The company announced today its annual investment plan to the Argentine President, Mauricio Macri, at the Government House.
PAE thus renews its commitment to the country, after investing 13 billion dollars between 2001 and 2015. This makes Pan American Energy the hydrocarbon company with the highest growth rate and the highest reserve replacement ratio in Argentina for the past 10 years.
Pan American Energy (PAE), the largest private hydrocarbon producing company in Argentina, announced today to the country’s president, Mauricio Macri, that it will invest 1.4 billion dollars in 2016. The company will direct this investment towards exploring and producing conventional and unconventional hydrocarbons in the country, mainly in the provinces of Chubut, Neuquén and Tierra del Fuego. The investment will not only help ensure that oil & gas production in the country remains active, given the current international context, but it will also help preserve both jobs and the sustainable development of the communities where the company operates.
The official news was delivered to the Argentine President by Alejandro Bulgheroni, PAE’s Honorary Chairman, and by Marcos Bulgheroni, member of the company’s Executive Committee and VP of Commercial Developments. "Throughout our history, we have always had a strong commitment to investing to support Argentina’s growth. This is where we live and work, where we permanently invest, produce and where we concentrate our efforts for the benefit of us all," stated Marcos Bulgheroni.
The company announced that out of the total 1.4 billion dollar investment, 900 million dollars will be allocated to the basin in the Golfo San Jorge region, mainly to the province of Chubut; 300 million dollars to Neuquén, and 70 million dollars to Tierra del Fuego, while the remaining 130 million dollars will be destined to capital investments in the country.
This investment, which supports the country’s development throughout its provinces, consolidates AE’s position as the main private investment group in the country’s energy sector and as one of the most important groups in general, following its investment of 13 billion dollars between 2001 and 2015.
This strong commitment to investment allowed PAE to increase gas production by 67% and oil production by 34% between 2001 and 2015; become the hydrocarbon company with the highest proved reserve replacement ratio in Argentina: 150% entre 2001 y 2015; develop CSR programs which, in 2015 alone, benefitted more than 200,000 people in the communities where the company operates; and implement the SMEs Program, which seeks to strengthen more than 500 regional businesses.