The norm, in detail
Neuquén grants YPF two Vaca Muerta blocks for 35 years: 12% royalty + 5% of net cash flow
Provincial Decree 276/2025 (03/07/2025)
in forcePROVINCIAL
Energy and natural resources
What changed and who it applies to
What changed
Decree 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 4 horizontal wells per block (2,000 m lateral, 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 its publication in the Official Gazette of Neuquén (decree signed on 03/07/2025). The 35-year concession term is counted from 10/31/2024 (Art. 27 bis, third paragraph, Law 17.319), so both concessions expire around 2059. prob · Mar 7, 2025 ↗
Who it affects
YPF S.A. (sole concessionaire: the concession is 100% YPF, with no stake of Gas y Petróleo del Neuquén — GyP — in the decree) and the Vaca Muerta satellite-services chain that plugs into a development of ~91 horizontal wells across both blocks (drilling, fracking, sand, OCTG, water/flowback, logistics, midstream). It also affects the Kaxipayiñ Mapuche community, which challenged the decree for lack of prior consultation. prob · 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 national Ley 17.319 (as amended by Leyes 27.007 and 27.742 — Ley Bases), Art. 31° of Annex I of national Decreto 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
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 border. Mapuche challenge over prior consultation. favorable thesis
The other rules on this subject28
The State reorders the trunk gas pipelines and forces firm transportation contracts to be redrawnRes. SE 66/2026 (Official Gazette, Mar 13, 2026) + Res. ENARGAS 409/2026in execution
Hydrocarbons: the prior domestic-offer step for exports is goneSE Res. 166/2026 (Official Gazette, Jul 22, 2026)in force
The Comahue returns to private hands: 4 dams awarded in concessionRes. 2124/2025, Ministry of Economy (Official Gazette Dec 30, 2025)in force
End of segmentation: energy subsidies are targeted at those who need themDecree 943/2025 (Official Gazette, Jan 2, 2026)in force
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading