Argentina
Located in the Austral Marina Basin, ENAP Argentina acts as operator for the exploitation concessions in the Magallanes Area and CAM 2/A Sur (Poseidon Lot), with a 50% stake in partnership with YPF, who holds the remaining 50% in both concessions.
In the San Jorge Gulf Basin, it participates as a partner, with a 50% stake in the exploitation concession of Campamento Central - Cañadón Perdido, where YPF serves as operator.
As part of the growth plan initiated by the subsidiary, in 2017, a new onshore area was tendered and awarded in the southern area of the Province of Santa Cruz. This is El Turbio Este, of 3,195 km2, which has an exploration plan associated with an investment of more than MMUS$47. During the first quarter of the year, the 3D seismic survey campaign was carried out using state-of-the-art technologies. Subsequently, they progressed with the processing and interpretation. The start of drilling for the first of three committed exploration wells is planned for the end of next year.
Additionally, in 2018, they completed the purchase of 100% of the Octans Pegaso block from a consortium led by Total Austral. This block is an offshore block with an area of 886 km2 and an average water depth ranging from 10 to 60 meters (shallow waters), where gas discoveries exist.
In the Magallanes Area, the activity was focused on the execution of initiatives aimed at ensuring operational reliability, including the installation of new cranes on platforms, inspection campaigns, and the repair of underwater facilities using saturation diving, among other activities.
In July 2018, the sale of ENAP's share in the Pampa del Castillo-La Guitarra block to CAPEX S.A. was completed. This process began in early 2017 and concluded with the approval of the transaction by the relevant authorities.
In the Campamento Central - Cañadón Perdido (CCCP) block, which is shared in equal percentages with YPF S.A. (Operator), the focus was on the Bella Vista Sur area, where drilling of two additional wells began at the end of the year.
Ecuador
Over the 17 years of ENAP's presence in Ecuador, it has been able to consolidate its position in the country through exploratory, developmental, and exploitation activities in the Mauro Dávalos Cordero (MDC) and Paraíso, Biguno, Huachito, and Intracampos (PBH-I) Blocks. In 2019, ENAP Ecuador achieved a cumulative production of 90 million barrels since it began its operations, with a historic record of daily production of 24,458 barrels per day on December 29, 2019. This achievement resulted in record levels of sales, profits, and cash flow.
On the other hand, participation in exploration activities in the Block 28 Consortium continues, through ENAP's company, EOP Operaciones Petroleras S.A.
In the Intracampos area of the PBH-I Block, added to Ecuador's portfolio in 2011, exploration activities were promoted between 2011 and 2014. These activities included seismic acquisition and interpretation, and the subsequent drilling of two exploratory wells, Copal-1 and Inchi-1. Inchi-1 marked the first discovery in Ecuador that added new reserves due to contract renegotiations with the Secretaría de Hidrocarburos in 2010.
Based on the successful results of the Inchi-1 exploratory well, a total of twelve development and advanced wells were drilled in the Inchi field of the Intracampos area between 2015 and 2019. The successful outcomes of these drilling activities help maintain the exploration potential of the area.
Block 28 was incorporated in 2015, where EOP Operaciones Petroleras S.A. holds a 42% stake as the operator in the consortium, along with Petroamazonas EP (51%) and Belorusneft (7%). In this block, preliminary activities were carried out to obtain the Environmental License, and a stratigraphic well was drilled to reduce the geological risk of the Mirador prospect. Since the Exploratory License could not be obtained until 2018, the Ministry of Energy and Non-Renewable Natural Resources (MEyRNNR) authorized an extension of the exploration period until May 2021. In 2019, progress was made in the Environmental License procedures for the drilling of the exploratory well, with its issuance expected in mid-2020.
Egypt
ENAP Egypt operates in the East Ras Qattara block in the Western Desert, with a 50.5% stake.
Various discoveries have been made in this Block from 2007 to date. The commercial development of the aforementioned discoveries is carried out by the joint venture formed between the contractor consortium and the Egyptian General Petroleum Corporation (EGPC), each party with 50% of the shares.
