The bill aims to streamline the licensing process and standardise investment terms, while offering a more pivotal role for state oil company YPF.
The legislation was approved in the Chamber of Deputies by a 130 to 116 vote, reflecting divisions that were evident in the Senate, where the vote was also carried.
The new law lengthens concessions to 35 years for unconventional oil and gas, 30 years for offshore resources and 25 years for conventionals, with 10-year extension periods available to those willing to commit new investments.
The
