In brief
On 14 July 2026, the Argentine Federal Executive Branch issued Presidential Decree No. 590/2026 (the “Decree”), pursuant to which it instructed the Secretariat of Energy (the SE) to launch an International Public Tender for the award of a hydrocarbon exploration permit in the offshore CAN_200 area (covering an approximate surface area of 5,000 km²), following a private initiative submitted by Challenger Energy Group PLC.
In focus
The SE will also be responsible for preparing and approving the Bidding Terms and Conditions (the “Bidding TC”). The holder of the exploration permit will, where applicable, be entitled to obtain an exploitation concession.
Successful bidders that are granted an exploitation concession will be required to carry out the corresponding investments and pay royalties, in accordance with the applicable regulations, their bid proposal, and the Bidding TC.
The area is located in the deep waters of the Argentine Continental Shelf.
Pursuant to the provisions of the technical annex, the work program contemplates an initial four-year exploration period, followed by a second exploration period of the same duration, with the possibility of an additional five-year extension.
The Presidential Decree authorizes the inclusion of international arbitration clauses in the permits and concessions to be granted, while clarifying that such submission to foreign jurisdiction shall not constitute a waiver by the Argentine Republic of its immunity from execution with respect to certain protected assets and property.
Delfina Ferrario and Franco Sinagra, Associates, have contributed to this legal update.
Download the Spanish version of Offshore: Argentina Launches New International Tender in the North Argentina Basin.