The Neuquén model in action: GyP takes 10% and the operator paves Route 6

The Neuquén Executive approved by Decreto 1150/2025 the agreement of September 5, 2025 between Gas y Petróleo del Neuquén S.A. (GyP), Total Austral S.A. and Vaca Muerta Inversiones S.A.U. (VMI), and the amendments to the contracts for the La Escalonada and Rincón La Ceniza areas signed on September 10 with Shell Argentina S.A. Under those amendments, and subject to conditions, the stakes become VMI 45% (operator), Shell 45% and GyP 10%; the conditions are that the assignment from Total to VMI is completed and that YPF buys 100% of VMI's shares. It is a one-off act: it approves that agreement and issues no general rules. What the decree orders VMI to pay is in its articles: USD 6,000,000 to the General Revenue account (art. 5) and the paving of 24 km of Provincial Route 6, which must start within 120 days of the Province delivering the executive project approved by provincial Roads (art. 4); it also exempts the agreement and the amendments from stamp tax (art. 6) verif. According to the official release, the two areas are near Rincón de los Sauces; La Escalonada targets unconventional oil and Rincón La Ceniza, being in the wet-gas window, the liquefied gas strategy; and the Province adds the repaving of another 54 km of the same route, with 2,700 tons of asphalt material supplied by GyP prob. The 10% floor for GyP in new concessions, the royalty jump from 12% to 18% and a 6% infrastructure fee appear neither in the decree nor in the release, and this entry has no source backing them unconf. verif · Sep 2025 ↗

Agreement entered into on 09/05/2025; the amendments to the joint operating agreements were signed on 09/10/2025. The approving decree is dated 09/19/2025, was published in Official Gazette of Neuquén No. 4486 and is listed with the status «Publicada». verif · Sep 2025 ↗

GyP, the provincial oil company, keeps 10% of the two areas, which come to be operated by VMI (whose shares YPF buys) and Shell, with 45% each; in exchange for approving the deal, the Province receives USD 6 million and 24 km of Provincial Route 6 paved verif. It is not a new concession: it is a change of partners within unconventional concessions GyP has held since 2016 verif. For service and road-works companies in the Rincón de los Sauces area, payment in kind turns into paving contracts; for operators, it shows that the Province charges works on top of royalties when it approves these changes thesis. verif · Sep 2025 ↗