Company: PAM
Filing Date: 2025-04-16
Form Type: 20-F
Source: 0001292814-25-001504
Chunk: 22

Company: Pampa Energy Inc.
Filing Date: 2025-04-16
Form: 20-F
Item: Item 3
Chunk 22
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 as independent transporters. Tasks performed include the replacement of transformers
and bushings, oil analyses, specialized diagnostics, fiber optic repair, electric and magnetic field measurements, implementation of
automated systems and maintenance of both lines and transforming stations, among other services.

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Transener has maintained a transparent
remuneration policy in all contractual agreements, with most contracts being continually renewed, reflecting the quality of the service
and its customers’ satisfaction.

Communications

In 2024, Transener continued to
offer specialized infrastructure services to several communication companies, including the assignment of dark fiber optics over its system
and renting space in microwave stations and their antenna-supporting structures. The growing demand for these services resulted in revenues,
driven by the volume of services provided and commercial conditions. Transener continues to provide specialized support services for WEM
agents’ operational communications and data transmission.

VMOS

On December 16, 2024, we confirmed our participation
in the “ Vaca Muerta Oil Sur Project” as shareholder of VMOS along with YPF, Vista Energy Argentina S. A. U., and Pan American
Sur S. A., Pluspetrol S. A., Shell Argentina S. A. and Chevron Argentina S. R. L. as Class A shareholders and Gas y Petróleo del Neuquén
S. A. as Class B shareholder. We currently hold a 11.11% stake in VMOS, which may vary depending on the entry of other shareholders into
the Project.

VMOS will develop an investment project consisting
of the construction, development, and operation of a pipeline approximately 437 km in length, running from Allen to Punta Colorada in
the Province of Río Negro. The project will include a loading and unloading terminal with interconnected monobuoys, a tank farm,
and ancillary facilities associated with these assets to export crude oil and liquids via very large crude carriers, known as VLCCs.

The
project will demand an estimated investment of U. S.$3 billion, funded through shareholders’ contributions and external financing.
Pampa has secured a take-or-pay transportation contract for 50 kbpd, including storage and dispatch capacity. On November 15, 2024, VMOS
submitted an application to join the RIGI, in accordance with the Bases Law and Regulatory Decree No. 749/2024, as amended or supplemented
from time to time, to be considered a Strategic Long-T