The Government of Javier Milei reactivated offshore oil exploration and ordered the calling of an international tender to search for hydrocarbons in the CAN_200 area, located off the coast of Buenos Aires, at the height of San Clemente del Tuyú. The block comprises approximately 5,000 square kilometers within the Northern Argentine Basin.
The decision was formalized through Decree 590/2026, published this Wednesday in the Official Bulletin. The regulation instructed the Secretariat of Energy, under the Ministry of Economy, to prepare the terms of reference and initiate the competition to award an exploration permit. It also delegated to that ministry the eventual exploitation concession if the studies yield positive results.
The process arose after an expression of interest submitted in February 2025 by Challenger Energy Group. The company, originally British and currently controlled by the Canadian Sintana Energy, has exploratory positions in Uruguay and experience in other South Atlantic markets. However, the block will not be awarded directly: the company must compete with any other group that meets the required technical and financial capacity.
The call will be the first of its kind since the offshore round launched in 2018. With the reopening, the Government seeks to attract private capital, technology, and specialized equipment to expand the geological knowledge of the Argentine continental shelf, an activity that requires millions in investments and assumes a high exploratory risk.
