In force since Jul 8, 2026
Neuquén sets YPF the LNG rules for 30 years: royalties tied to the Asian price and USD 25,000 M at stake
Agreement signed 06/04/2026, ratified by Ley provincial 3566 (enacted 06/25/2026, promulgated 07/06/2026, Official Gazette 4593 of 07/08/2026)
in forcePROVINCIAL
Energy and natural resources
Ley 3566 ratifies the agreement with YPF for YPF's LNG project (Argentina LNG): a tailored tax regime over five unconventional concessions.
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What changed and who it applies to
What changed
Regime verified against the primary source on 2026-08-17 by opening Official Gazette of Neuquén No. 4593 (07/08/2026), which publishes Ley 3566 together with its Annex — the standalone PDF of the law carries only the articles. The Agreement sets a tailor-made fiscal regime for YPF's LNG project (Argentina LNG) over five unconventional concessions (CENCH): Meseta Buena Esperanza I and II, Las Tacanas I and II, and Aguada Villanueva Norte. Concrete components:(1) FISCAL STABILITY/SHIELD FOR 30 YEARS for the project vehicles (provincial tax conditions cannot be raised nor new taxes created that affect them), conditional on the project remaining within the RIGI.(2) ROYALTIES TIERED BY BANDS, indexed to the JKM index (Japan Korea Marker, the Asian LNG price published by S&P Global Platts in USD/MMBtu): 7.5% if the JKM averaged over the two months preceding the royalty due date is below Base Value 1 (16 USD/MMBtu); 10% between 16 and 20; 12% from Base Value 2 (20 USD/MMBtu).(3) TRIENNIAL REVIEW of the thresholds, every 3 years from the start of LNG exports: a ratio is computed between the JKM and the domestic gas price for industry (firm supply, Neuquén basin), against an Original Base Ratio of 4.5; if the Ratio rises 15% or more (≥5.175) the Base Values drop USD 2/MMBtu, if it falls 15% or more (≤3.825) they rise USD 2/MMBtu, and the adjustments are CUMULATIVE across three-year periods (adjustment on January 1, using the weighted average Ratio of the previous 12 months).(4) INFRASTRUCTURE BONUS of USD 175,000,000 (VAT and works taxes included) as YPF's investment commitment, payable in works or in cash; its destination is instrumented through an Infrastructure Bonus Agreement to be signed within the «maximum and non-extendable» period of 90 calendar days from the Notification under Art. 1.2 and, failing agreement for reasons not attributable to the Province, the Province determines it unilaterally.(5) TURNOVER TAX EXEMPTION for revenue from oil/gas extraction (codes 61000/62000) in the domestic market carried out exclusively between VPUs adhering to the RIGI within the LNG Project with export as final destination; on Stamp Tax, the Province undertakes to process the exemption of the Agreement (art. 238 of the Tax Code), it is not an automatic exemption.(6) Dispute resolution under International Chamber of Commerce rules, seated in Paris, in Spanish, with carve-outs reserved to the provincial courts (enforcement of taxes/royalties/fees, public policy, criminal and environmental law). The estimated investment is around USD 25,000 million, according to the estimate published by the regional press when covering the agreement's passage through the Legislature's committee prob. YPF signed the sale of 32% to Eni and 32% to XRG of the company that will hold the five blocks, and keeps 36%; the deal is subject, among other conditions, to approval of the assignment of the areas verif. verif Jul 8, 2026 ↗
In force
Ley 3566 in force since its publication in the Official Gazette (No. 4593 of 07/08/2026; art. 5). The Agreement was signed on 06/04/2026 and its effectiveness was conditional on approval by the Executive (Decreto 796/2026, met), legislative ratification (met through Ley 3566) and the notice under Art. 1.2 (FID + financing), which YPF must submit within 24 months from the CENCH coming into force — the only pending condition. verif Jul 8, 2026 ↗
Who it applies to
Direct: YPF S.A. and the LNG Project companies adhering to the RIGI over the five concessions, with the Province of Neuquén collecting royalties and taxes; its partners in the project are Eni and XRG. In the Legislature's committee, Unión por la Patria, Democracia Neuquén, Juntos por el Cambio-UCR, PTS-FIT-U and FIT-U voted against, and the central criticism was the lower royalties compared with the concessions in force. thesis Indirect: Vaca Muerta service companies, gas-pipeline and liquefaction-plant builders, logistics, metalworking and the SME suppliers that enter the project and the infrastructure-bonus works, and Añelo and its area for the local economic impact. prob Jul 8, 2026 ↗
The norm
Ley provincial 3566 (EX-2026-02063802-NEU-SGRAL): approves the Acta Acuerdo Proyecto GNL (LNG Project Agreement) signed on Jun 4, 2026 between the Minister of Energy and YPF S.A., approved by the Executive through DECTO-2026-796-E-NEU-GPN and incorporated into the law as an Annex (art. 1); ratifies the 30-year provincial tax stability guarantee over the CENCH concessions Meseta Buena Esperanza I and II, Aguada Villanueva Norte, Las Tacanas I and Las Tacanas II, in line with the act approving RIGI enrollment and conditional on that enrollment being effective and complied with (art. 2, cf. art. 56 inc. a) of Ley nacional 17.319 and arts. 172 and 201 of Ley 27.742); invites municipalities to enact equivalent tax measures (art. 3); submits disputes under the Acta GNL and the related Actas Acuerdo CENCH (DECTO-2026-777/778/779-E-NEU-GPN) to arbitration under the rules of the ICC (International Chamber of Commerce), seated in Paris and conducted in Spanish, with exceptions reserved to the provincial courts (art. 4); in force from its publication in the Boletín Oficial (art. 5). Passed (DADA) on Jun 25, 2026, enacted by DECTO-2026-920-E-NEU-GPN on Jul 6, 2026 and published in Neuquén's Boletín Oficial No. 4593 of Jul 8, 2026 (text of the Acta included). It sits under the national RIGI (Ley Bases 27.742). verif Jul 8, 2026 ↗
Our reading
Neuquén is not waiting for the LNG: it sets 30-year rules of the game for YPF and ties royalties to the Asian price to capture more when the market pays better. With some USD 25,000 million at stake, according to the estimate published by the regional press when covering the agreement's passage through the Legislature's committee prob, this is the anchor of Vaca Muerta's next cycle — and the wave of works, pipelines and satellite services it drags along is where the well-positioned supplier gets in. [Update 2026-07-16] The regime is now law: the Legislature approved the Agreement through Ley 3566 (passed on 06/25, promulgated on 07/06 and published in the Official Gazette of 07/08/2026) verif. The Agreement only takes effect when YPF notifies the province of the final investment decision and the project's financing, with the approval of its entry into the national large-investment regime; it has 24 months to do so from when the concessions take effect verif. Eni and XRG (ADNOC) signed with YPF the purchase of 32% each of the company that will hold the five blocks (YPF keeps 36%); the deal is subject, among other conditions, to the enforcement authority approving the assignment of the areas to that company verif, and the final investment decision is expected for the end of 2026 verif. thesis
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Where it lands, province by province1
Neuquén Ley 3566, in force since 07/08/2026: it approves the Agreement for the liquefied gas project, with 30-year fiscal stability for its five concessions (Meseta Buena Esperanza I and II, Las Tacanas I and II, Aguada Villanueva Norte), royalties tiered from 7.5% to 12% according to the Asian liquefied gas price and an infrastructure bonus of USD 175 million verif. The Agreement only takes effect when YPF notifies the final investment decision and the financing, within 24 months from when the concessions take effect verif. Estimated total investment: some USD 25,000 million, according to the press prob. favorable prob
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