Lower House Approves E&P Transfer Bill, Becomes Law

Argentina's lower house has approved a bill that transfers the property rights of hydrocarbons fields to respective provinces, state news agency Telam reported.

The lower house passed the bill with a vote of 110 to 19, which means the initiative is now law. The senate approved the legislation last month.

The law excludes deposits that begin 12 nautical miles (a little more than 22km) offshore, which will remain under national control.

In October, federal planning minister Julio de Vido and governors and representatives from seven provinces agreed to transfer hydrocarbons E&P to those provinces.

The provinces are Chubut, Formosa, Jujuy, La Pampa, Rio Negro, Santa Cruz and Tierra del Fuego.

The national and provincial governments have 180 days to define the transfer process.

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