Neuquén province has opened bidding for 15 exploratory blocks in Vaca Muerta through its Round 1/2026 process, targeting both national and international investors with a submission deadline of August 19. The tender marks a return to large-scale provincial licensing after several years without comparable processes, positioning state company Gas y Petróleo del Neuquén as a strategic partner holding 10-20% stakes while private operators assume full exploratory risk and commit to investment plans.