Pan American holds 54% of hydrocarbons areas in the province.
Other operators in the province - including the YPF subsidiary of Repsol YPF (NYSE: REP), the Sipetrol subsidiary of Chile's state oil company Enap and local oil company Tecpetrol - will have to renegotiate their contracts in similar ways.
As a result of Pan American's negotiations, the province will create a US$120mn infrastructure fund for the next four years, according to a separate statement.
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