In force since Mar 7, 2025
Neuquén grants YPF two Vaca Muerta blocks for 35 years: 12% royalty + 5% of net cash flow
Decreto provincial 276/2025 (03/07/2025)
in forcePROVINCIAL
Energy and natural resources
Decreto 276/2025 carves 352.258 km² out of Loma La Lata and grants YPF the La Angostura Sur I and II unconventional concessions for 35 years.
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What changed and who it applies to
What changed
Decreto 276/2025 (signed on 03/07/2025 by Governor Figueroa) ratifies the Agreement of 02/21/2025 with YPF and, splitting 352.258 km² off the Loma La Lata–Sierra Barrosa concession, grants YPF S.A. two Unconventional Exploitation Concessions (CENCH) over Vaca Muerta: La Angostura Sur I and La Angostura Sur II, for a term of 35 years each (Arts. 3 and 4), counted from 10/31/2024. The per-block areas are provisional: the decree itself records that they remain "pending the survey" (Res. 903/93). Concrete fiscal conditions:(1) a 12% royalty on shale production — the decree states that the economic model was calculated "considering a royalty of twelve percent (12%)... in line with the rate applied... in all the unconventional projects in force in the Province" (it is NOT 18%);(2) also, a quarterly payment equal to 5% of the Net Cash Flow of the Annex C wells, throughout the concessions' term (Art. 11);(3) Corporate Social Responsibility of USD 3,395,000 in one payment (Art. 7);(4) an Exploitation Bonus of USD 1,320,000 in one payment (Art. 8);(5) Stamp Tax of USD 1,342,600 (rate 14‰ on a taxable base of USD 95.9 M of Pilot Plan investment), with broad stamp exemptions for the project's financial/corporate structuring (Art. 12). YPF commits to a Pilot Plan of 7 horizontal wells in total, split UNEVENLY between the two blocks: 4 in La Angostura Sur I (USD 53,980,000) and 3 in La Angostura Sur II (USD 41,920,000), each with a 2,000 m lateral and 28 frac stages, targeting Vaca Muerta; failure to meet the Plan enables the concession's lapse after a 90-day notice (Art. 9). The decree contains NO mandatory 10% GyP stake or triennial-monitoring clause: the "10%" that appears is the annual penalty for late payment (Art. 10). verif Mar 7, 2025 ↗
In force
In force from the publication in the Official Gazette of Neuquén of the decree signed on 03/07/2025. The 35-year term of the two concessions is counted from 10/31/2024 (art. 27 bis, third paragraph, Ley 17.319) verif, so they expire on 10/31/2059 estim. verif Mar 7, 2025 ↗
Who it applies to
YPF S.A. as sole concessionaire: the two concessions are granted to YPF and the decree gives no stake to Gas y Petróleo del Neuquén (GyP); they start with pilot plans of four horizontal wells in La Angostura Sur I and three in La Angostura Sur II verif. The Vaca Muerta service chain comes in with the development of both blocks: drilling, fracking, sand, tubulars, water and flowback, logistics and transport thesis. It also affects the Kaxipayiñ Mapuche community, which claims there was no prior consultation prob. verif Mar 7, 2025 ↗
The norm
Neuquén provincial Decreto N° 276/2025 (Boletín Oficial de Neuquén, signed on Mar 7, 2025 by governor Rolando Figueroa, Energy and Natural Resources Minister José Gustavo Medele and Economy Minister Guillermo Koenig). File EX-2024-02697082-NEU-SEMH#MERN. Issued under Arts. 27°, 27° bis, 30°, 35° of Ley nacional 17.319 (as amended by Leyes 27.007 and 27.742 — Ley Bases), Art. 31° of Annex I of Decreto nacional 1057/24, and Resoluciones MERN N° 053/20 and 142/21, ratified by provincial Decreto DECTO-2021-2183-E-NEU-GPN. It ratifies the Acta Acuerdo de Inversión Hidrocarburífera (hydrocarbon investment agreement) of Feb 21, 2025. verif Mar 7, 2025 ↗
Our reading
Neuquén capitalizes on the Ley Bases regime by securing a 35-year horizon for two YPF Vaca Muerta blocks with clear and stable fiscal rules: a 12% royalty plus 5% of net cash flow, an exploitation bonus and stamp exemptions to unlock the financing. For the satellite-services ecosystem, each CENCH like this is a firm well schedule — drilling, fracking, sand, OCTG, water and logistics — with demand contracted for decades. thesis
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Where it lands, province by province1
Neuquén Unconventional exploitation concession La Angostura Sur I and II to YPF, 35 years, 12% provincial royalty + a quarterly payment of 5% of net cash flow (the decree does not include the announced 18% floor or a mandatory GyP stake). Mari Menuco frontier. Claim by the Kaxipayiñ Mapuche community over the lack of prior consultation. favorable thesis
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