The oil companies pay for Vaca Muerta's roads: USD 50M with no public money

Neuquén and the Vaca Muerta operators set up a public-private scheme to build critical road infrastructure without state budget. The oil companies created a trust (contract signed 06/19/2025, with TMF Trust Company as trustee) that finances and builds the works; the contributions are "voluntary" and, according to the Province's official press release, are counted as advances on royalties, an extraordinary production fee, Turnover Tax and/or other provincial taxes (the exact tax mechanics live in Annex I of the contract, still confidential). Anchor work: 51 km connecting Provincial Routes 8 and 17 (the Añelo "bypass" or ring road), diverting heavy traffic and special cargo away from Route 7 and improving road safety near San Patricio del Chañar and Añelo. Estimated investment ~USD 50 million. Settlors per Law 3537 (read in the primary source): YPF, Vista, Pluspetrol, PAE, Pampa, Tecpetrol, Chevron, Petrolera El Trébol (Phoenix) and Total Austral — 9 companies; Shell appears as a contributor in the press but is NOT a settlor of the contract (it had until 10/24/2025 to join and is not listed). The contribution breakdown, according to specialized press (Annex I of the contract is marked confidential): 5 'main sponsors' (YPF, Vista, Pluspetrol, PAE, Pampa) with ~USD 6.8M each (13.3% each) and 4 'secondary beneficiaries' (Tecpetrol, Total, Chevron, Phoenix) with USD 2.6M each (5% each); construction period 18 months. Once the work is finished, the trust transfers it to the Province via a "donation with charge". Neuquén operates and maintains the routes under a toll system whose revenue goes first to maintenance and then to repaying the work; the agreement expires 15 years after the toll concession effectively starts or once the investment is repaid — whichever comes first —, with the tariff adjusted by the variation of grade-2 diesel. In 2026 the model expanded: GeoPark and Harbour Energy were added (11 operators) and new works on Routes 7, 8, 51 and 67, taking the associated road plan to more than USD 150 M with a 2030 horizon (official release, Apr-2026; amounts pending confirmation in the primary source). Update Jul-2026 prob under negotiation — no administrative act: the Jul-22 press convergence (EconoJournal/NoticiasNQN/Río Negro, amplified by the governor) puts a package of Añelo–Rincón de los Sauces corridor roads (RP 7, 51 and 8) worth ~USD 300 M under negotiation among 11 operators, financed against advances on royalties and fees. The routes match the April expanded plan almost 1:1: it is NOT confirmed in a primary source whether the ~USD 300 M subsume (re-quantify) that >150 M plan or are an additional package, nor whether the vehicle will be this trust or another instrument — do not cite the two amounts as additive; the pipeline figure resolves when the addendum/decree is published in the Neuquén Official Gazette (under active watch). verif · Dec 1, 2025 ↗

Trust constituted on Jun 19, 2025 (addendum Oct 2, 2025); Province-TMF Framework Agreement of Sep 8, 2025; ratifying Law 3537 passed on Nov 13, 2025 and in force since its Official Gazette publication (Dec 1, 2025). Under execution (expansion of the model announced Apr-2026). verif · Dec 1, 2025 ↗

Vaca Muerta operators (the 9-11 signatories), which advance capital deductible from royalties/taxes. And -key to the observatory- the satellite ecosystem of road construction, earthworks, asphalt, signage and logistics: USD 50 M (and an expanded plan to 2030: announced at >USD 150 M in Apr-2026; the Jul-2026 negotiation puts it at ~USD 300 M prob no administrative act) of de facto public works financed by private players, contracted and executed in the territory. Also the route users (carriers, suppliers) who will pay tolls for 15 years in exchange for safer routes and shorter travel times. prob · Dec 1, 2025 ↗