Argentina’s Neuquén province awarded eight blocks to PCR, Patagonia Energy, GeoPark, JPM Energía, the Phoenix–Continental Resources partnership, and Selva María Oil in a round intended to expand exploration of Vaca Muerta. Committed work programs include 11 horizontal wells to assess acreage outside the formation’s main commercial developments.

The awards were made Oct. 21 under Round 1/2026 of the Neuquén Exploration Plan, organized by Gas y Petróleo del Neuquén (GyP). The provincial company will retain an interest in all the blocks. The round attracted 20 bids from 10 bidders for eight of the 15 areas offered.

Petrolera Comodoro Rivadavia (PCR) secured three blocks: La Tropilla I, Águila Mora Noreste, and Santo Domingo II. Its program includes one horizontal well per block, each with a 1,500-m lateral and 25 hydraulic fracturing stages. The company will also acquire and process 3D seismic data covering a total of 380 sq km.

Patagonia Energy secured Corralera Noroeste, where it will drill three horizontal wells with 3,000-m laterals and a combined 150 fracturing stages. Its commitment also includes 85 sq km of 3D seismic.

GeoPark will add Corralera Noreste to its portfolio. The initial program comprises two horizontal wells, each with a 2,000-m lateral and 30 fracturing stages, during a 4-year exploration period. The company will hold a 90% working interest, with GyP retaining 10%.

JPM Energía secured Pampa de las Yeguas II NE. Its proposal includes one horizontal well with a 3,000-m lateral and 53 fracturing stages.

The Phoenix–Continental Resources partnership was selected for Corralera Sur, with a program comprising one horizontal well with a 1,500-m lateral and 14 fracturing stages. Seismic work includes 150 sq km of acquisition and 105 sq km of specialized processing.

Selva María Oil secured Chasquivil Sur, where it will drill one horizontal well with a 1,500-m lateral and 30 fracturing stages, and carry out seismic work covering 110 sq km.

GyP will retain a 10% interest in seven blocks and 15% in Chasquivil Sur. Bid royalty rates are 12%, except at Pampa de las Yeguas II NE and Chasquivil Sur, where they are 15%.

Combined, the winning bids represent $230.1 million in exploration investment and $180.7 million in access bonuses. The next steps involve executing the joint venture agreements and obtaining approval from the provincial executive branch.

Neuquén plans to launch a second round in November, including areas that received no bids in this round and blocks relinquished by other operators.