According to reports in late-November 2017, the government of Neuquen Province has officially awarded the Parva Negra Oeste concession to a local subsidiary of US-based Retamco Operating Inc, Retama Argentina, following the companyâs winning bid for the block during Neuquen V Bid Round in September 2017. The 127.9 sq km Parva Negra Oeste block is situated in the Chihuidos High area of Neuquen Basin, adjacent to the Los Toldos I Sur block where ExxonMobil recently received approval from the Neuquen Province government for a 35 years unconventional license targeting the Vaca Muerta Formation shale. Retamaâs program in the block consists of work and investments in the amount of over USD 76 million. The first four-year exploration period will be followed by an option to renew for a second four year phase afterwards. Pending positive results, 35 years of production period will follow with an additional option for a ten year extension. The company operates the block with 90% interest, as provincial company GyP Neuquen holds the remaining 10% stake, although Retama is expected to carry all of the cost during the exploration period. Each party will pay their participating interest share for the development and production phase. However, GyP Neuquen will also have the option of converting said 10% interest into a 2.5% additional royalty from gross production instead.
Argentina (Neuquen B.) (It's a petroleum rights. Please summarize by yourself). In IHS database: Parva Negra Oeste op. by RETAMCO (90.0%, NEUQUEN 10.0%) to be check.