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18.07.2017

Wintershall continues investing in ArgentinaAguada Pichana will be split in two separate blocks / Wintershall keeps its participating interest in Aguada Pichana Este

Buenos Aires. Wintershall is always in the process of optimizing its portfolio – either by acquisitions or divestments. Regarding its activities in Neuquén Province, the Company is emphasizing the development of resources in the operated blocks Aguada Federal and Bandurria Norte where pilot plans are currently under execution. It will continue participating in projects in Aguada Pichana and San Roque blocks. In the past three years Wintershall invested about 1 billion US dollars in Argentina.

On July 18th, 2017 the signature of an Investment Agreement between Neuquén Province and all partners, and an Assignment Agreement between the partners was announced.

The partners agreed on splitting Aguada Pichana in two separate blocks: Aguada Pichana Este (East) and Aguada Pichana Oeste (West). The east part of the block (which will be operated by Total Austral), is where all current facilities and current production of Aguada Pichana are located. It covers an area of 761 km². There, Wintershall will maintain its original participation interest (27,27%) in all conventional and tight gas projects. Regarding shale gas projects targeting the Vaca Muerta Formation, Wintershall will keep a 22.5% participating interest (selling 4,77 % to TOTAL). Wintershall will sell its participating interest in Aguada Pichana Oeste to PAE, which will be the operator of the mentioned block.

The Investment Agreement for Aguada Pichana Este specifies investments worth 675 million US dollars in 2017-2021, of which Wintershall carries a share of 22.5%. The aim of the agreement is to develop unconventional resources in the promising Vaca Muerta Formation. The partners already invested a total of about 500 million dollars from 2014-2016. The partners will get an unconventional exploitation concession which lasts 35 years.