Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 23

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 23
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erm Export Project. Such application was approved on March 21, 2025 by the Ministry
of Economy’s Resolution N º302/2025.

VMOS will streamline crude oil evacuation
and exports from the Vaca Muerta formation, and specifically, for us, from the Rincón de Aranda area, reduce logistics costs, open
new markets for Argentine oil, increase foreign currency inflows, create employment opportunities and expand our firm transportation capacity.

FLNG Project

On January 15, 2025, we acquired
a participation in the FLNG Project, together with Pan American Energy S. L., Golar FLNG Holding Company Limited, YPF and Harbour Energy.
The vessel is expected to start operating on September 2027. Pampa’s share in the company that will undertake the FLNG Project,
SESA, is 20%.

SESA has submitted the application
to adhere to the new RIGI, in accordance with Law 27,442, Regulatory Decree No. 749/2024, and other regulations that may amend and/or
complement them, to be considered a Strategic Long-Term Export Project.

The FLNG Project is strategic
to monetizing our Vaca Muerta reserves, placing Argentina within the liquefied natural gas global market, and boosting foreign currency
inflows, job creation, and the domestic supply chain.

Oldelval

Oldelval operates main oil pipelines
that evacuate oil production from the Neuquina Basin (from the provinces of Neuquén, Mendoza, Rio Negro and La Pampa), including
the Allen - Puerto Rosales oil pipeline. This permits the transportation of such production to mainly the
Plaza Huincul distillery and Puerto Rosales (a port in the city of Bahía Blanca) for exportation and the supply of distilleries
located in the Province of Buenos Aires. Oldelval was granted a pipeline concession, which terminates in 2037. During 2024, Oldelval managed to maintain its transportation service, ensuring operational continuity and a reliable pumping system.

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As of 2024, the transportation
capacity of the Allen - Puerto Rosales oil pipeline was of 225,000 barrels per day. However, Oldelval completed the “ Proyecto
Duplicar”, that increased the Allen - Puerto Rosales oil pipeline’s capacity to 540,000 barrels per day. The project
also includes upgrading pumping stations and building a new