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

The Neuquén Executive Branch 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), plus the amendments to the operating contracts signed on September 10 with Shell Argentina S.A. Result: a new corporate structure in the unconventional areas La Escalonada (shale oil) and Rincón La Ceniza (wet gas / key to the LNG strategy), both near Rincón de los Sauces — VMI 45% (operator), Shell 45% and GyP 10%; in parallel, YPF acquires 100% of VMI's share capital. It is a one-off act: it approves that agreement and issues no general rules. The split is verbatim in the recitals —"the participation percentages in the AOC would be: GyP ten percent (10%), VMI forty-five percent (45%) and Shell forty-five percent (45%)"—, with VMI as operator and subject to the condition precedent that YPF acquire 100% of VMI's shares. That 10% is this case's percentage: the floor for GyP's stake in the new CENCH and the jump from 12% to 18% in royalties are the policy the province announced in September 2025 and applies concession by concession, not an obligation this decree imposes. The "infrastructure fee" equal to an additional 6% of royalties —which the operator could advance as a bonus to finance works— does not appear in the decree either: it is described by the specialized press (Econojournal) as a piece of that general scheme. What the decree does order paid is in its articles: USD 6,000,000 to the General Revenue account (art. 5) and the paving of 24 km of Provincial Route No. 6, to begin within 120 days of the executive project being approved by provincial Roads (art. 4). The repaving of another 54 km and the 2,700 tons of asphalt material borne by GyP were announced by the province in its official release (Neuquén Informa, 09/20/2025). 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 ↗

Operators and majors negotiating new unconventional concessions in Neuquén's Vaca Muerta (Shell, Total, YPF via VMI), which in this agreement come in with GyP as a 10% partner and with road works as part of the price. GyP, the provincial oil company, which consolidates its role as a shareholder in privately operated areas. And, via the satellite route, the service and road-works SMEs: payment in kind turns the agreement into concrete roads and works in the boom zone (Rincón de los Sauces). prob · Sep 2025 ↗