December 13, 2018

Ricardo Torres
Chief Financial Officer
Pampa Energy Inc.
Maipu 1
C1084ABA, City of Buenos Aires
Argentina

       Re: Pampa Energy Inc.
           Form 20-F for the Fiscal Year Ended December 31, 2017
           Filed April 30, 2018
           File No. 001-34429

Dear Mr. Torres:

       We have limited our review of your filing to the financial statements
and related
disclosures and have the following comments. In some of our comments, we may
ask you to
provide us with information so we may better understand your disclosure.

       Please respond to these comments within ten business days by providing
the requested
information or advise us as soon as possible when you will respond. If you do
not believe our
comments apply to your facts and circumstances, please tell us why in your
response.

       After reviewing your response to these comments, we may have additional
comments.

Form 20-F for the Fiscal Year Ended December 31, 2017

Information on the Company
Our Oil and Gas Business
Reserves, page 88

1.    To the extent that the net quantities of proved reserves disclosed on
page 89 and elsewhere
      in your filing include material amounts of natural gas consumed in
operations, expand
      your disclosure to clarify the net amounts of such reserves and explain
how these reserves
      were accounted for in the calculation of the standardized measure of
discounted future net
      cash flows presented on page S-6. This comment also applies to the net
quantities of
      proved reserves disclosed in Exhibit 13.2. Refer to FASB ASC
932-235-50-10 and 50-36,
      respectively.
 Ricardo Torres
FirstName LastNameRicardo Torres
Pampa Energy Inc.
Comapany13, 2018
December NamePampa Energy Inc.
December 13, 2018 Page 2
Page 2
FirstName LastName
Reserves Evolution, page 89

2.       Expand the discussion of the changes that occurred during 2017 in your
proved
         undeveloped reserves to include an explanation of the reason or source
of the change
         relating to revisions of previous estimates, e.g. changes caused by
commodity prices
         and/or well performance. To the extent that two or more unrelated
factor are combined to
         arrive at the line item figure, your disclosure should separately
identify and quantify each
         individual factor that contributed to a material change so that the
change in net reserves
         between periods is fully explained. Refer to Item 1203(b) of
Regulation S-K.
Exhibits
Exhibit 13.2, page 242

3.       The reserves report does not appear to include all of the information
that is required by
         Item 1202(a)(8) of Regulation S-K. Obtain and file a revised reserves
report to address
         the following points:

             The reserves report should specify the percentage of the
registrant's total proved
             reserves reviewed in connection with the preparation of the
report. This information
             should be included in the report as part of the requirements
pursuant to Items
             1202(a)(8)(iii) and (iv) of Regulation S-K.

             The reserves report should specify the volume-weighted average
realized prices after
             adjustments for location and quality differentials, by product
type including natural
             gas liquids, for the reserves included in the report. This
information should be
             included in the report as part of the primary economic assumptions
pursuant to Item
             1202(a)(8)(v) of Regulation S-K.
4.       The reserves figures presented in the reserves report filed as Exhibit
13.2 do not appear to
         correlate with the reserve figures provided in the tabular disclosure
on page 89 of Form
         20-F as of December 31, 2017. In this regard, we note the statement on
page 88 of Form
         20-F indicating that the third party performed an independent audit of
100% of the
         estimated reserves as of December 31, 2017. Obtain and file a revised
reserve report to
         resolve the apparent lack of correlation with the disclosure presented
in your filing or tell
         us the reason(s) for the apparent inconsistency in such disclosure.
       In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.
 Ricardo Torres
Pampa Energy Inc.
December 13, 2018
Page 3

       You may contact John Hodgin, Petroleum Engineer, at (202) 551-3699 if
you have
questions regarding our comments and related matters. Please contact Jennifer
Thompson,
Accounting Branch Chief, at (202) 551-3737 with any other questions.



FirstName LastNameRicardo Torres                         Sincerely,
Comapany NamePampa Energy Inc.
                                                         Division of
Corporation Finance
December 13, 2018 Page 3                                 Office of Consumer
Products
FirstName LastName