GyP evaluates bids for eight blocks and prepares new tenders in Neuquén

Gas y Petróleo del Neuquén (GyP) is reviewing the bids submitted in a tender for eight exploration blocks in the province. In total, 10 companies took part with 20 proposals, while another seven areas received no offers in this round.

The provincial company is currently reviewing the technical documentation in the Envelope A submissions. The opening of the Envelope B bids, which include the economic proposals, is expected to take place within an estimated 15 to 20 days. The process includes the subsequent award and signing of contracts, subject to approval by the Neuquén provincial Executive Branch.

The blocks that drew interest are Corralera Norte, Corralera Noroeste, Corralera Sur, La Tropilla 1, Águila Mora Noreste, Pampa de las Yeguas 2 Noreste, Chasquibil Sur and Santo Domingo 2. The availability of geological data, subsurface conditions and proximity to existing infrastructure were cited as attractive factors.

The evaluation will take into account the investment and work program, royalties, the access bonus and GyP's participation, which could range between 10% and 20%. Royalties start from a base of 15%, with the possibility of adding up to three additional percentage points. The greatest weight will be placed on the committed exploration work, given the need to expand knowledge of each area's potential.

The company is also considering launching new rounds for the blocks that went unclaimed and for other areas with gas potential. The strategy is linked to the growth of Vaca Muerta, the expansion of Oldelval's transport system and the development of road, logistics, training and services infrastructure.

Guillermo Savasta, GyP's president, estimated that the current process could be completed before year-end. He also projected that by the middle of next year, production will reach a level “practically double” the current records, amid an expansion of hydrocarbon activity in Neuquén.

With information from Mejor Energía.