Neuquen Tenders Fifteen Blocks in Vaca Muerta

Within the framework of the Neuquen Exploration Plan, the provincial company Gas y Petroleo del Neuquen SA (GyP) published the bidding terms for Round 1/2026. It is a national and international call for bids aimed at selecting companies interested in the exploration, development, and potential exploitation of 15 hydrocarbon areas within the Vaca Muerta formation located in the Province of Neuquen, which are reserved in favor of GyP.

The areas offered under the tender are: Aguila Mora Noreste, Cerro Avispa Norte, Cerro Avispa Sur, Cerro Partido Este, Chasquivil Sur, Corralera Noreste, Corralera Noroeste, Corralera Sur, Curamhuele, El Corte, La Hoya, La Tropilla I, Pampa de las Yeguas NE, Santo Domingo II, and Totoral Este. The map and coordinates of the areas are attached as an annex to the bidding terms.

I. Requirements to submit bids

Legal entities incorporated in Argentina or abroad that have obtained the bidding terms and are not subject to the disqualifications established in it or in the regulatory framework may submit bids.

Foreign legal entities, if awarded, must evidence their registration—or the filing of the procedure to obtain the registration—pursuant to article 118 or article 123 of the Argentine General Companies Law at the time of executing the agreement with GyP.

Companies or entities forming temporary joint ventures may also be bidders.

Bidders may participate as:

a.    Operators whose corporate purpose consists of the development of hydrocarbon activities, or
b.    Investors whose corporate purpose is exclusively financial or investment-related. In the latter case, bids must be submitted jointly with one or more entities qualifying as operators.

The bidding terms provide that the following may not participate: 

a.    entities lacking legally capacity to contract under Argentine law,
b.    entities disqualified by judicial ruling, bankrupt, or subject to reorganization proceedings that have not been rehabilitated,
c.    tax evaders or debtors vis-à-vis the Province of Neuquen as a result of a final decision,
d.    debtors of GyP for monetary obligations overdue by more than 12 months,
e.    entities suspended or disqualified from the National and/or the Provincial Hydrocarbon Companies Registries.

Bidders may not submit more than one bid for the same area. However, a bidder may submit bids for more than one area and may be awarded one or more areas, individually or in association with a third party.

Bidders must establish a special physical domicile in the City of Neuquen and an electronic domicile. Furthermore, bidders must evidence registration—or the filing of the procedure to obtain the registration—in the Provincial Registry of Hydrocarbon Companies.

II. GyP’s participation, ownership of the exploration permit, risk allocation, and economic terms

The awarded bidder will assume the role of operator of the area. GyP will hold a participating interest proposed by the bidder, ranging from a minimum of 10% to a maximum of 20%. Production obtained during the term of the agreement that may be entered into will be shared between GyP and the awardee(s) in accordance with their respective participating interests.

The bidder will exclusively assume the risk and cost of the whole exploration stage, including the obligation to bear all costs, expenditures, investments, and disbursements required to carry out the exploration work program, without the right to be reimbursed or any compensation from GyP.

GyP must at all times retain ownership and exclusivity over the exploration permit and any subsequent exploitation concession that may be granted.

Each bidder must submit and guarantee an exploration work program, including a minimum investment commitment and a schedule of activities for the first four-year exploration period.

The bidder must pay an access bonus, calculated in accordance with the formula determined in the bidding terms, the minimum amount of which is USD 500,000. This formula is adjusted by a factor linked to the probability of success of the area. Bidders may offer an additional amount exceeding the minimum.

In addition, the bidding terms provide the payment of additional bonuses:

a.    a commerciality bonus in case of discovery,
b.    an assignment bonus if there is a transfer of the contractual position, 
c.    a one-time corporate social responsibility contribution if the project advances to the exploitation phase.

Regarding royalites, the terms establish a base royalty of 15%. Bidders may propose an additional increase of up to 3% over such base.

III. Guarantees

Bidders must provide a bid maintenance guarantee of USD 100,000 for at least 60 days as of the bid opening date. Such guarantee must provide that, if the bidder is awarded, its term will be automatically extended until the performance guarantee is delivered.

Upon award, the successful bidder must provide a performance bond equal to the value of the proposed exploration work program.

Both guarantees (bid maintenance and performance) shall be issued in favor of GyP, and to GyP’S satisfaction, and may be implemented by means of:

a. cash deposit in USD in the GyP’s bank account,
c.    insurance policy issued by a first-tier company, or 
d.    unconditional guarantee (fianza), or bank guarantee payable on first demand.

IV. Documentation for the offer

The offer must be submitted a general envelope containing two inner envelopes: Envelope ‘A’ (background/qualifications) and Envelope ‘B’ (economic offer).

Envelope ‘A’ must include the following legal, technical, and financial documentation:

a.    Corporate and representation documents.
b.    Bid maintenance guarantee.
c.    Bid submission form.
d.    Economic/financial documentation.
e.    Technical documentation of the operator.

The submission form includes sworn statements regarding, among other aspects, the establishment of a special domicile in the City of Neuquen, acceptance of the jurisdiction of the ordinary courts of Neuquen, absence of conflicts or disqualifications, waiver of any claim based on the lack of knowledge of the conditions of the area or the regulatory framework, and a statement of the joint liability of the entities comprising the offer (if applicable, if the offerors are more than one).

Economic and financial documentation must include tax registration certificates with the Argentine Tax Authority (ARCA) and with the Province of Neuquen Tax Authority, as well as the financial statements.

The technical documentation must evidence the operator’s capacity, including its identification and that of the technical personnel to be allocated to the project; the registration with the Hydrocarbon Companies Registry of the Province of Neuquen and the Hydrocarbon Companies Registry of the Secretariat of Energy at the federal level (or evidence that the filings to obtain such registrations have been initiated); the technical background demonstrating experience in the development of hydrocarbon activities and production; health, security, environment, and quality management systems; and the notional work program for the first exploration period.

Envelope ‘B’ must include the economic offer using the form attached as an annex to the bidding terms, which includes:

a.    GyP participating interest.
b.    Exploration work program to be implemented during the first exploration period.
c.    Minimum investment commitment (expressed in Working Units (UT), the value of which is USD 5000 each).
d.    Access bonus (and any potential increment).
e.    Royalty proposal.

Envelope ‘B’ will only be opened for those bidders that pass the admissibility review of the information contained in Envelope ‘A’.

V. Economic evaluation of the offers, pre-award, and award

Bids that fulfill the admissibility requirements will be evaluated using a comparative scoring system. GyP will review envelopes ‘B’ and prepare a pre-award report containing the evaluation of the bids and will recommend the award to the offer it considers most convenient, which will be submitted to GyP’s Board of Directors for consideration.

The economic evaluation will be carried out based on an overall valuation in accordance with a formula determined in the bidding terms.

The formula weighs—using different factors—GyP’s participation interest, the incremental of royalty’s offered, the level of activity committed, and the incremental access bonus.

The offer that obtains the highest valuation in accordance with the formula will be considered the most economically convenient, notwithstanding the fulfillment of the remaining technical, legal, and economic requirements. The offer with the highest score will be awarded. If there is a tie between offers, the tied bidders must improve their offers in a sealed envelope, on a date and at a location to be determined.

VI. Procedure and key dates

The bidding terms may be obtained free of charge by submitting a request via email to planexploratorio@gypnqn.com.ar. GyP will maintain a registry of recipients.

Bidders may submit inquiries and request clarifications until August 10, 2026. Questions and answers will subsequently be published on GyP’s website without identifying the submitting party.

Bidders may visit the areas under tender at their own cost and risk.

Bids must be submitted by August 19, 2026, at 11:00 AM in both physical and digital format at GyP’s offices. The opening of offers will take place on the same day at 3:00 PM.

GyP will have five business days to evaluate envelopes “A” and it may request additional information or the rectification of formal deficiencies within a period of up to ten business days.

GyP’s Board of Directors will decide on the award within seven days of the evaluation of the economic offers (envelopes ‘B’) and will notify the successful bidder. Within ten business days following such notification, the successful bidder and GyP must execute the association agreement, which will require the approval by the Provincial Executive Branch.