Business Divisions

Exploration and Production (E&P)ENAP Sipetrol S.A.

International presence

ENAP’s international assets are concentrated in three countries: Argentina, Ecuador and Egypt.

Argentina

Enap Sipetrol Argentina S.A. is operator, with a 50% participation, in exploitation concessions of the Magallanes and CAM 2 A Sur areas and, with 33.33%, in the exploration permit E2 (ex CAM 1 and CAM 3) in the Marine Austral Basin (CAM).

In the Golfo San Jorge basin, it is the holder and operator of 100% of the Pampa del Castillo-La Guitarra exploitation concession. It also participates as a non-operator partner, with 50%, in the exploitation concession of Campamento Central-Cañadón Perdido, where YPF S.A. operates.

Ecuador

Enap Sipetrol’s operation in Ecuador, through its subsidiary Enap Sipec, is carried out within the guidelines of the strategy that gives priority to efforts directed toward growth, but without overlooking the productivity of existing assets.

Complementing and supporting this activity, fluid relations are maintained with the Ecuadorian authorities and representatives of other oil companies operating in that country.

An average production of close to 17 thousand barrels per day was maintained in 2007, a level reached as a result of the drilling of five productive wells and one re-injector, which formed part of the investment commitments made with Petroecuador within the framework of the Mauro Dávalos Cordero (MDC) field contract signed in August 2006 and which assumed an increase of 25.4 million barrels of reserves for exploitation.

Firm steps were taken toward the consolidation of operational and administrative excellence in this country, particularly studies and works for optimizing operating costs (generation, maintenance, etc.) and progress toward the ISO 14001 standard certification.

All this was carried out within a privileged organizational climate as confirmed by the new award obtained by Enap Sipec, and granted by Great Place to Work, passing from 14th place in 2006 to 6th in 2007.

In 2010, the Ecuadorian government began the renegotiation of contracts with all the oil companies operating in the country. Enap Sipetrol in Ecuador was the first to successfully renegotiate its contracts in its MDC-PBH blocks, and also to obtain the incorporation of a new exploration block, Intracampos.

Egypt

Enap Sipetrol in Egypt is operator in the blocks East Ras-Qattara, with 50.5%, and Rommana, with 40%. The company also participates as a non-operator partner in the Sidi Abd El Rahman (SAER) block, with a 30% participation.

The East Ras Qattara concession is located in the Western Desert basin while the Rommana block is in the extreme north of Sinai. The SAER block is offshore, to the west of Alexandria.