RENEGOTIATION AGREEMENT

Exhibit 10.8

RENEGOTIATION AGREEMENT

In the City of ▇▇▇▇▇▇▇▇▇▇, on December 9, 2014 a meeting was held by the Province of Río Negro, represented by the Secretary of Energy, Eng. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, with domicile established at ▇▇▇▇▇▇ ▇▇▇, ▇▇▇ ▇▇▇▇▇, in the City of ▇▇▇▇▇▇▇▇▇▇, in its capacity as Enforcement Authority of Law No. 4818, hereinafter the PROVINCE, party of the first part; and by the company Petrobras Argentina S.A., hereinafter CONCESSIONAIRE represented by its attorney-in-fact, ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, with domicile established at ▇▇▇▇▇▇▇▇ ▇▇, ▇^▇▇ ▇▇▇▇▇, Office 1, in the city of ▇▇▇▇▇▇▇▇▇▇, party of the second part, and both of them jointly referred to as the PARTIES. The Parties agree to enter into the Agreement set forth hereinbelow:

WHEREAS: On March 7, 2013, the Executive Branch of Government of the Province, by virtue of Executive Order No. 230/13 created the Provincial Register for Renegotiation of Hydrocarbons Areas’ Exploitation Concessions (Registro Provincial de Renegotiation de Concesiones de Explotación de Areas Hidrocarburíferas) and launched a Call for Bids for Hydrocarbons Areas’ Exploitation Concessionaire Companies of the Province of Río Negro granted by the National Government, interested in renegotiating their concessions, within the framework of effective national and provincial laws, and in compliance with the terms set forth under Provincial Law No. 4818 whereby the Bidding Terms and Conditions applicable to such call for bids were approved. The foregoing procedure was conducted within the framework of National Laws No. 17,319, 23,696, 24,145 and 26,197, Provincial Law Q 4,296, Executive Orders issued by the National Executive Branch of Government No. 1055/89, 1212/89, and other effective national and provincial laws applicable. Furthermore, the ENFORCEMENT AUTHORITY was authorized to perform the call for bids’ process and renegotiation of concessions.

In this case, within the framework of the effective hydrocarbons’ laws, in addition to the administration of Areas and concessions, the PROVINCE renegotiates the conditions for exploitation of the above-referred concessions, for the purpose of increasing hydrocarbons’ reserves and production; and to improve exploration investment conditions, due to the proper characteristics of works requiring technical and financial capacity according to the obligations derived from the activity. The foregoing procedure is conducted within the framework of Laws No. 17,319, 24,145, 23,696 and Provincial Law Q 4,296 and regulations derived therefrom; and, in particular, National Law 26,197 which Section 6 provides that the Provinces, as Enforcement Authorities, are empowered to provide for the extension of legal and/or contractual terms, among other powers.

On May 2, 2013, CONCESSIONAIRE filed a note with the PROVINCE whereby it applied for registration with the Provincial Register for Renegotiation of Hydrocarbons Areas’ Exploitation Concessions and attached the documents required under the Bidding Terms and Conditions.

Subsequently, the Enforcement Authority gave notice to CONCESSIONAIRE about beginning of the negotiation term by means of Note No. 132/ 13 dated October 15, 2013.

As a result, the PARTIES reached an agreement and such agreement was established under the relevant Minutes of the Meeting held on December 5, 2014. Such Minutes served as basis for this AGREEMENT.

Thus, it is the intention of the PARTIES to enter into this AGREEMENT, which shall be governed by the terms and conditions set forth hereinbelow:

NOW THEREFORE, the Parties hereby AGREE as follows:

Section 1: PURPOSE- The purpose hereof is to renegotiate the “▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇,” “▇▇ ▇▇ ▇▇▇▇—Medanito” and “Río Neuquén” Areas’ Exploitation Concessions located in the territory administered by the PROVINCE, established under Law No. 4818 and, consequently, extend the original terms granted under Executive Orders issued by the National Executive Branch of Government No. 1769/90, No. 2164/91 and No. 1291/94, pursuant to the terms and conditions set forth under this Agreement.

The extension of the term applicable to these Areas’ Exploitation Concessions identified hereinabove shall be for a ten (10) years’ period, counted as from expiration of the original concession term. Thus, expiration thereof shall take place on the following dates:

1) “Jagüel de los Machos” on 09/06/2025

2) “25 ▇▇ ▇▇▇▇—Medanito” on 10/28/2026

3) “Río Neuquén” on 11/05/2027

Section 2: REPRESENTATIONS AND WARRANTIES

2.1. CONCESSIONAIRE hereby represents and warrants irrevocably to the PROVINCE that:

2.1.1. It shall comply, in due and timely manner, with the exploitation investment commitment proposed under paragraph 12.6. of the Bidding Terms and Conditions, which value is established in paragraph 3.8. and detailed in Exhibit A to this Agreement, in order to increase hydrocarbons’ reserves and production thereof.

2.1.2. It shall perform exploration activities at the remaining exploration Areas as may be available, pertaining to the Areas which title is held thereby and mentioned in Section 1 hereof and the comprehensive assessment of all reservoirs located thereat, for the purpose of permitting the increase of reserves so as to maintain a proper production level and horizon thereof based upon the technical and financial feasibility of reservoirs.

2.1.3. It shall perform the works in accordance with the most reasonable, modern and efficient techniques in a manner consistent with the characteristics and size of the reserves proven, ensuring at the same time the highest production of hydrocarbons compatible with economic exploitation and technically suitable for the field.

2.1.4. It shall perform, in due and timely manner, the environmental remediation and/or sanitation works and it shall carry out such activities in accordance with the most reasonable, modern and efficient techniques as may be approved by the Secretariat of Environment of the Province and/or any authority as may replace or substitute it in the future.

2.2. The PROVINCE hereby represents and warrants irrevocably to CONCESSIONAIRE that:

2.2.1. The PROVINCE is fully empowered to enter into this Agreement and perform obligations thereof hereunder.

2.2.2. The execution, delivery and performance of this Agreement do not violate any provisions whatsoever under the applicable regulations, or any resolution, decision or ruling issued by any national or provincial governmental and/or court authority. In particular, the PROVINCE hereby represents and warrants that the extension of concessions is governed by National Laws No. 17,319 and No. 26,197.

2.2.3. There are no actions, lawsuits, claims, complaints, audits, arbitration, investigation or proceedings (either civil, criminal, administrative, investigation or otherwise) preventing the PROVINCE from executing this Agreement.

2.2.4. CONCESSIONAIRE shall exercise peaceful use and enjoyment of the exploitation and transportation concessions held thereby for the entire term of the Exploitation Concession and extensions thereof, and the PROVINCE shall indemnify and hold CONCESSIONAIRE harmless from and against any claims or actions or decisions or legislative changes which may adversely affect or change the title regime applicable to the surface areas of the Exploitation Concessions within the jurisdiction of the PROVINCE.

Section 3: RENEGOTIATION CONDITIONS

3.1. Fixed Fee: CONCESSIONAIRE shall pay to the PROVINCE as Fixed Fee for the three (3) renegotiated areas, the aggregate amounts indicated hereinbelow:

For renegotiation of the CONCESSIONS: United States Dollars Forty Million (USD 40,000,000).

Payment of this aggregate amount shall be effected in one (1) payment made at the offer exchange rate published by Banco de la Nación Argentina as of the close of business on the third day prior to payment, within a five (5) business days’ term following legislative confirmation of the AGREEMENT.

Payment to the PROVINCE shall be made by wire transfer to the account to be informed thereby in writing to CONCESSIONAIRE at least two (2) business days prior to the payment date.

3.2. Contribution to Social Development and Institutions Strengthening: CONCESSIONAIRE hereby undertakes to make a cash contribution to the PROVINCE amounting to United States Dollars Six Million Nine Hundred and Five Thousand (USD 6,905,000) (equivalent to twenty percent (20%) of the Fixed Fee) to be allocated to funding construction of building infrastructure and/or acquisition of operating equipment to be located at education and/or health institutions and/or governmental agencies. Such Contribution to Social Development and Institutions Strengthening shall be paid in full (i.e. 100%) to the PROVINCE at the offer exchange rate published by Banco de la Nación Argentina as of the close of business on the third day prior to payment, within a five (5) business days’ term following legislative confirmation of the Agreement. Payment shall be made by wire transfer to the account to be informed by the Province in writing to CONCESSIONAIRE at least two (2) business days prior to the payment date.

Furthermore, the PROVINCE undertakes to inform CONCESSIONAIRE on a regular basis about the application of funds invested in the above-mentioned items.

3.3. Supplementary Contribution: CONCESSIONAIRE undertakes to make the contributions as described hereinbelow, ninety percent (90%) of which shall be allocated to the PROVINCE and ten percent (10%) of which shall be allocated to EDHiPSA:

3.3.1. Oil Supplementary Contribution: It consists in three percent (3%) of monthly Oil Production. This commitment encompasses Oil Production as from the relevant month immediately succeeding the effective date of the Agreement. Settlement in cash of the relevant equivalent amount, valued as of the monthly Oil Production closing date on the basis of prices actually obtained by CONCESSIONAIRE in the respective monthly volumes produced sale transactions, shall be effected by means of a deposit in Account No. 900001006, Bank Routing Number (CBU): 0340100800900001006004 in the name of “Gobierno de la Provincia de Río Negro” (Government of the Province of Río Negro) (Taxpayer Identification Number – CUIT—30-▇▇▇▇▇▇▇▇-3) and in Account No. 730012233, Bank Routing Number (CBU): 0340251300730012233005, Branch 251, in the name of EDHiPSA (Taxpayer Identification Number – CUIT—30672878825), both accounts opened in Banco Patagonia, or in any other accounts as THE PROVINCE and/or the ENFORCEMENT AUTHORITY and/or EDHiPSA may indicate by any sufficient means in due course;

3.3.2. Gas Supplementary Contribution: It consists in three percent (3%) of monthly Gas Production. This commitment encompasses Gas Production as from the relevant month immediately succeeding the effective date of the Agreement. Settlement in cash of the relevant equivalent amount, valued as of the monthly Gas Production closing date, on the basis of prices actually obtained by CONCESSIONAIRE in the respective monthly volumes produced sale transactions, shall be effected by means of a deposit in Account No. 900001006, Bank Routing Number (CBU): 0340100800900001006004 in the name of “Gobierno de la Provincia de Río Negro” (Government of the Province of Río Negro) (Taxpayer Identification Number – CUIT—30-▇▇▇▇▇▇▇▇-3) and in Account No. 730012233, Bank Routing Number (CBU): 0340251300730012233005, Branch 251, in the name of EDHiPSA (Taxpayer Identification Number – CUIT—30672878825), both accounts opened in Banco Patagonia, or in any other accounts as THE PROVINCE and/or the ENFORCEMENT AUTHORITY and/or EDHiPSA may indicate by any sufficient means in due course.

3.3.3. For the purpose of payment of the items described in paragraphs 3.3.1. and 3.3.2. above, such payments due dates shall be, for Exhibit I and for Exhibit II, on the same deadlines as established for payment of royalties under the Secretariat of Energy resolutions. The exchange rate to be applied shall be the offer exchange rate published by Banco de la Nación Argentina prevailing as of the close of business on the third business day prior to the due date, for Exhibit I settlement, and on the business day immediately preceding the due date for Exhibit II.

Final volumes and prices shall be included in Exhibit II hereto.

3.4. Training, Research and Development Commitment: CONCESSIONAIRE shall pay, each year to the PROVINCE, on account of each one of the three (3) Exploitation Concessions which terms are extended hereunder, an annual contribution to be allocated to the items mentioned as per the amounts indicated below:

3.4.1. United States Dollars Twenty-five Thousand (USD 25,000) in those cases where each Area production volume shall be up to 500 BOE/day.

3.4.2. United States Dollars Fifty Thousand (USD 50,000) in those cases where each Area production volume shall be higher than 500 BOE/day.

3.4.3. For the first annual charge, CONCESSIONAIRE shall effect payment of such amount within five (5) business days following legislative confirmation of the Agreement, by wire transfer to an account to be informed by the Province in writing to CONCESSIONAIRE at least two (2) business days in advance of the payment date. The following annual charges shall be paid prior to February 28 each year. Such payments shall be made as per the offer exchange rate published by Banco de la Nación Argentina, as of the close of business on the third day prior to payment.

3.5. Default: Upon failure to effect timely payment of the Fixed Fee, the Contribution to Social Development and Institutions Strengthening, the (Oil and Gas) Supplementary Contribution, or the Training, Research and Development Commitment, default by CONCESSIONAIRE shall occur automatically and late payment interest shall accrue, to the benefit of the PROVINCE and/or EDHiPSA, without the need of any demand notice whatsoever, from the due date to the date of actual payment thereof, equivalent to interest applicable to general discounting transactions at Banco de la Nación Argentina. For the purposes of calculation of interest, any amounts denominated in foreign currency shall be converted into Pesos at the offer exchange rate published by Banco de la Nación Argentina, as of the close of business on the third day prior to the due date.

3.6. Development and Investment Plan: CONCESSIONAIRE undertakes to perform a Development and Investment Plan which shall include, in accordance with the terms mentioned in paragraph 2.1 hereof, investments and expenses for a minimum amount of United States Dollars Nine Hundred and Seven Million, Seven Hundred Thousand (USD 907,700,000) applicable to the Exploitation Concessions, as per the scope detailed in Exhibits A and B to the Agreement.

Exhibit A contains a detail of the fields’ exploitation investments and expenses, projected until the end of the Agreement term, with an aggregate expenditure commitment of United States Dollars Seven Hundred Nineteen Million, Two Hundred Thousand (USD 719.200.000).

Exhibit B contains a detail of the investments for exploration with an aggregate expenditure commitment amounting to United States Dollars Ninety-Two Million (USD 92,000,000). Moreover, it contains a detail of investments and expenses contingent upon development of concessions for up to United States Dollars Ninety-Six Million and Five Hundred Thousand (USD 96,500,000), subject to the outcome resulting from exploration activities.

Such investment and expenses commitment for exploration detailed in Exhibit B attached hereto is valid always provided that, during the effective term of such EXPLOITATION CONCESSIONS: a) no total or partial reversions thereof shall operate; b) the remaining exploration surface area shall not be reduced by reason of enlargement and/or appearance of exploitation lots, in which case the relevant adjustments shall be performed. Such particular cases as may result in deviations from the amounts mentioned above shall be submitted for consideration by the ENFORCEMENT AUTHORITY in order to obtain approval thereof.

Total or partial reversions set forth in paragraph a), as well as reductions established in paragraph b) shall have effects only as from January 1 of the year immediately succeeding the year when they have been petitioned. As from such opportunity, the ENFORCEMENT AUTHORITY shall make any adjustments as may be applicable in case of approval thereof.

3.7. Supervision and Control: Follow-up of works, expenditures and investments to be made within the concessions identified under Section 1 hereof shall be in charge of the ENFORCEMENT AUTHORITY.

In compliance with the terms of Sections 12.7. and 12.11. of Exhibit I to Law No. 4,818, CONCESSIONAIRE undertakes to abide by the inspection and supervision programs to be performed by the ENFORCEMENT AUTHORITY.

3.8. Río Negro Resources’ Use (Compre Rionegrino): CONCESSIONAIRE, as well as contractors and subcontractors thereof, in connection with all engagements made thereby within the framework of the EXPLOITATION CONCESSION, shall utilize at least eighty percent (80%) of local labor, suppliers and services companies, for the purposes of promoting the creation and maintenance of permanent jobs depending on the oil industry and consolidation of a competitive local market, through the strengthening of Río Negro’s small and medium-sized companies and the increase of products, goods and services offered relating all the oil-industry employees, producers, industrial employees, professionals, businesspersons, and works and services companies engaged in all segments settled in the PROVINCE. In this regard, it shall include, as part of its annual plans, programs aimed at increasing its network of goods, services and works’ providers, aiming at affording priority to the engagement of Río Negro employees, acquisitions in the local market and establishing medium and long term contractual frameworks, in order to contribute to sustainability of the activity in the region, under equivalent conditions in terms of capacity, responsibility, quality and price.

CONCESSIONAIRE and the ENFORCEMENT AUTHORITY shall conduct continuing monitoring of the evolution levels of local and regional services’ engagement, in order to analyze the difficulties or obstacles encountered and the changes or actions to be taken in order to facilitate such circumstances. In those cases where special circumstances shall exist, such events shall be evaluated by the PARTIES at the request of any of them.

Insofar as companies are concerned, a company is deemed to meet such “local” requirement if such company has an operations’ base settled in the PROVINCE and if PROVINCE taxes are levied thereon. As concerns labor, such “local” status requirement is met if the relevant person furnishes evidence of actual residence in the PROVINCE for at least two (2) years. The above-mentioned percentage must be observed in equal proportions for operations, base, clerical and supervision personnel and senior executive employees.

Notwithstanding, in those cases where by reason of the specific circumstances and/or the characteristics of tasks to be performed and/or disadvantageous conditions of capacity, responsibility, quality or price, it is not possible or convenient (e.g. in case of unavailability of failure to deliver within the terms required for the operation, safety of people or facilities,

etc.) to hire local labor, suppliers or services companies, CONCESSIONAIRE shall be released from such obligation by furnishing evidence of such circumstances to the ENFORCEMENT AUTHORITY at its request. In all such cases, for the purposes of contracting or subcontracting works or services necessary to perform the activity, CONCESSIONAIRE shall implement the necessary selection procedures guaranteeing transparency, effective competition and efficiency principles.

Furthermore, for the purposes of contracting or subcontracting works or services necessary to perform the activity, medium and long term contractual frameworks must be used, unless such works or services engaged are required for a period shorter than the above-mentioned term.

Regardless of the domicile established in the city of ▇▇▇▇▇▇▇▇▇▇, pursuant to the terms set forth in paragraph 4.1.1.4. of the Call for Bids’ Bidding Terms and Conditions, CONCESSIONAIRE shall maintain, throughout the entire effective term of the Agreement, at least one operations’ base located in the PROVINCE.

3.9. Corporate Social Responsibility: CONCESSIONAIRE shall contribute, within the state scope of the PROVINCE, to development in terms of education, environment, health, culture, science and research, renewable energy and community development, on the basis of diagnosis to be performed by the PARTIES in line with the sustainability policy implemented by CONCESSIONAIRES.

In this regard, Corporate Social Responsibility shall mean adoption by CONCESSIONAIRE of a commitment to participate as a member of the local and regional society in which it is involved, contributing to sustainable development of such communities it forms part of and conducting investments aimed at creating shared value and sustained mutual benefits.

On an annual basis, CONCESSIONAIRES shall submit a sustainability report indicating the programs and actions implemented, including indicators establishing the results obtained and the improvement lines proposed to be implemented on the following year.

3.10. Environment: CONCESSIONAIRE shall be bound to comply, throughout the entire EXPLOITATION CONCESSION term, with all the effective environmental statutory regulations, applicable to the holders of such permits and concessions and with any other regulations as may be enacted in the future and, in particular, with the following regulations: Section 41 of the Argentine Constitution and Sections 84 and 85, related to Section 79 of the Province of Río Negro Constitution; Provincial Law Q 2,952 (Water Code) and Provincial Law M 3,266 (Regulation of Environmental Impact Assessment Procedure) and regulatory executive orders thereof; National Law No. 17,319 and effective regulations thereof; Provincial Executive Order No. 452/05 and Resolutions issued by the Secretariat of Energy of Argentina No. 105/92, 319/93, 341/93, 05/96, 201/96, 24/04, 25/04 and 785/05; as well as the regulations enacted by the competent authority in the future. In particular, CONCESSIONAIRE obligations shall include adoption of the necessary measures for prevention of contamination, either caused by operations or by accident, as well as any other regulations governing abandonment of facilities and reasonable use of resources.

CONCESSIONAIRE undertakes to remediate environmental liabilities reported in due course under the relevant affidavits and which are made an integral part hereof as Exhibit C to this AGREEMENT, in accordance with the remediation plans to be submitted on an annual basis within the first 60 (sixty) calendar days of each year to the ENFORCEMENT AUTHORITY for approval. Each annual plan shall indicate: type of liability, location, size, remediation methodology proposed, estimated investment amount to be disbursed over the year stated in United States Dollars, stages and anticipated performance term and type of monitoring and control proposed. The annual plan submitted shall be considered to have been approved if no objections are made by the ENFORCEMENT AUTHORITY thereto, within a maximum twenty (20) business days’ term following receipt thereof.

The aggregate investment undertaken by CONCESSIONAIRE for performance of the relevant remediation plans pertaining to the areas involved in the extensions agreed upon under this Agreement, as indicated in Exhibit C hereto, amounts to United States Dollars Fifteen Million, Three Hundred and Sixty-One Thousand, One Hundred and Forty-Two (USD 15,361,142). For the purposes of guaranteeing compliance with the investment undertaken, the PROVINCE may claim to CONCESSIONAIRE posting of bond for a sufficient amount as per the terms of Section 4.1.6.2. of Exhibit I to Law No. 4,818. Notwithstanding that, should the remediation works eventually require a higher amount than committed, the entire cost shall be borne by CONCESSIONAIRE.

The list of liabilities arising from Exhibit C hereto shall not release CONCESSIONAIRE from legal liability stemming from other liabilities which have not been disclosed thereby or which have not been detected by the ENFORCEMENT AUTHORITY to date. If existence of such liabilities is detected in the future, such liabilities shall be remediated within the reasonable terms fixed by the ENFORCEMENT AUTHORITY pursuant to the applicable legislation. The foregoing terms shall apply notwithstanding full exercise of the police power vested in the ENFORCEMENT AUTHORITY and/or the competent provincial authority in this regard (i.e. environmental protection and sustainable development).

The ENFORCEMENT AUTHORITY puts on record that, in case of non-compliance in due and/or timely manner, the ENFORCEMENT AUTHORITY shall be thus empowered to apply the penalties as may be applicable to CONCESSIONAIRE through the relevant competent authority.

3.11. State of Facilities: Based upon the terms set forth in paragraph a.3 of Section 4 of Law No. 4,818, the PARTIES have agreed to approve the Program which is made an integral part of this AGREEMENT as Exhibit D hereto, whereby CONCESSIONAIRE undertakes to cure appropriately any defects and abnormal conditions detected during the visits to the area.

The ENFORCEMENT AUTHORITY puts on record that, in case of non-compliance in due and timely manner, the ENFORCEMENT AUTHORITY shall be thus empowered to apply the penalties as may be applicable to CONCESSIONAIRE.

3.12. Exploration Surface Areas: Notwithstanding CONCESSIONAIRE’s right to proceed to partial or total reversion of supplementary exploration surface areas, always provided that such reversion is not contrary to the effective legislation and evaluating the reasons and the grounds justifying such reversion, attempting in all cases to ensure convenient geographic proportions for future exploitation of the reverted areas, the PARTIES agree that the boundaries and areas of the EXPLOITATION CONCESSIONS being the subject-matter hereof are defined as per the terms indicated in Exhibit E hereto, based upon the expenditure commitments undertaken by CONCESSIONAIRE by virtue of the AGREEMENT and in accordance with geology knowledge of CONCESSIONAIRE whereby they are established as the best option to perform supplementary exploration activities at the CONCESSIONS.

For the purposes of guaranteeing compliance with the effective laws and in order to ensure that supplementary exploration areas intended to be reverted form convenient geographic proportions for future exploitation thereof, reversion petitions made by CONCESSIONAIRE – indicating the reasons and grounds justifying such reversion – shall be expressly approved by the ENFORCEMENT AUTHORITY and shall only become effective as from January 1 of the year immediately following petition thereof.

Payment of the relevant option fee for retaining the remaining surface area at the EXPLOITATION CONCESSION (National Executive Order No. 820/98) is not a sufficient condition to retain such area, without performance of the relevant exploration investments.

3.13. Public Water Industrial Use: CONCESSIONAIRE shall pay, on a regular basis, to the Provincial Water Department or to the provincial agency as may replace and/or substitute it in the future, the relevant amounts applicable to consumption of public water for industrial use.

3.14. Quarries: Materials used in the activity shall be obtained from mining quarries duly authorized by the relevant Provincial Authority. Upon breach of this obligation, CONCESSIONAIRE shall be jointly and severally liable for violations of the Mining Procedure Code as may be attributable to the quarry’s owner and/or to the party entitled to exploitation thereof.

3.15. Trainee Programs: CONCESSIONAIRE undertakes to include, on an annual basis, and in connection with each CONCESSION which term is extended hereunder, at its expense, an university / college student settled in the Province of Río Negro and enrolled in any course of studies relating to the hydrocarbons’ segment, hired under Law No. 26,427 and related provisions, so as to provide them with training in connection with industry-related activities.

3.16. IT Licenses: CONCESSIONAIRE shall purchase, for each Exploitation Concession which term is extended hereunder, at its expense and in the name of the ENFORCEMENT AUTHORITY and/or whoever it may designate, a GIS or similar license being suitable for performance of the terms under paragraph 4.1.8. of the Bidding Terms and Conditions; otherwise, at the request of the ENFORCEMENT AUTHORITY, it shall deliver the equipment as indicated thereby in lieu thereof, for an equivalent amount.

3.17. Turnover Tax: CONCESSIONAIRE undertakes to pay, as from the effective date of this AGREEMENT, a three percent (3%) Turnover Tax rate for extraction of liquid and/or gaseous hydrocarbons dispatched without issuing the relevant invoices outside the Province of Río Negro, either sold in their state at the time of extraction or in the form of byproducts obtained after industrialization processes. Such tax rate shall be maintained throughout the effective term of the EXPLOITATION CONCESSIONS, and extensions thereof, without any additions or supplements.

3.18 EDHiPSA Participation: It is hereby agreed upon by the PARTIES, as an additional renegotiation condition, that Concessionaire shall assign five percent (5%) of the rights and obligations thereof to the company known as Empresa de Desarrollo Hidrocarburífero Provincial Sociedad Anónima (EDHiPSA) in connection with the “Río Neuquén” area exploitation concession in the Province of Río Negro, which term is extended by virtue of this AGREEMENT. Such assignment shall be executed under a Notarial Deed within a one hundred and eighty (180) days’ term, counted as from the effective date of this AGREEMENT. The parties shall thereupon create a Joint Venture company (Unión Transitoria de Empresas—UTE) in order to regulate the operation and development of the area, according to the share applicable to each company. Notwithstanding the foregoing, EDHiPSA participation right shall have retroactive effect as of the effective date of this AGREEMENT.

Section 4: INFORMATION TO BE DELIVERED TO THE ENFORCEMENT AUTHORITY

During the effective term of the CONCESSION, CONCESSIONAIRE shall furnish, in due and timely manner, to the ENFORCEMENT AUTHORITY such technical documents, information and programs according to the terms set forth by the applicable provincial and national regulations currently in effect.

Section 5: EFFECTIVE DATE

Unless otherwise established expressly hereunder, all the obligations undertaken under this AGREEMENT shall become enforceable as from confirmation hereof by the Provincial Legislature. Upon failure to obtain such confirmation from the Provincial Legislature within thirty-nine (39) days counted as from execution hereof, this AGREEMENT shall be terminated without any effects whatsoever stemming herefrom between the PARTIES, and without any liability attributable thereto.

Section 6: STAMP TAX

Pursuant to the terms set forth under Section 9 of Law No. 4,818, for the purpose of Stamp Tax calculation, the taxable based under this AGREEMENT shall be based on the amount agreed upon as Fixed Fee hereunder. CONCESSIONAIRE shall be bound to effect total payment of this tax pursuant to the terms prescribed by Law No. 4,818.

Section 7: TECHNICAL LIAISON COMMITTEE

The ENFORCEMENT AUTHORITY and CONCESSIONAIRE shall form a Technical Liaison Committee, comprised of two (2) representatives of the ENFORCEMENT AUTHORITY and two (2) representatives of CONCESSIONAIRE.

Such Committee shall meet mandatorily at least once every one hundred and eighty (180) days, at a place to be determined by the Concession Authority and it shall convene extraordinary meetings if necessary, for the purpose of monitoring development of activities related to field exploration and/or exploitation.

The matters discussed at each meeting and the agreements arrived at shall be put on record under minutes duly signed by the parties.

Section 8: EVENTS OF BREACH

In the event of repeated events of material and unjustified breach by CONCESSIONAIRE of the obligations undertaken under Sections 3.1., 3.2., 3.3. and 3.6. of this AGREEMENT, the terms of Section 80 of Law No. 17,319 may apply. Prior to the termination declaration, the PROVINCE shall give notice to CONCESSIONAIRE demanding the latter to cure any potential breach within a reasonable term.

The foregoing terms shall apply notwithstanding the power, which may not be waived in any case whatsoever, of the ENFORCEMENT AUTHORITY to demand compliance in kind with all the breached obligations and commitments through the administrative and/or judicial proceedings as may be appropriate.

Breach of the obligations and commitments undertaken by CONCESSIONAIRE under the AGREEMENT which have not been included in the first paragraph of this Section shall not entail application of the penalty established under Section 80 of Law No. 17,319, but such performance may be demanded by means of the relevant administrative or court proceedings before the competent authorities. The PROVINCE shall thus reaffirm the powers entrusted thereto to apply the penalties through the competent administrative authorities, subject to the effective applicable laws.

Section 9: APPLICABLE LAW. DISPUTE RESOLUTION

9.1. This AGREEMENT establishes all the rights and obligations of the PARTIES and constitutes the entire and final agreement of the PARTIES in connection with the subject-matter hereof and, following confirmation by the Provincial Legislature, the terms hereof shall supersede and prevail over any other prior agreement and/or regulations in connection with the CONCESSIONS’ renegotiation.

This AGREEMENT shall be governed by and construed in accordance with the effective national and provincial laws.

For the purposes of regulatory construction, the following order of priority shall be observed in case of controversy:

a. Section 124 of the Argentine Constitution.

b. Sections 70 and 79 of the Provincial Constitution.

c. National Laws No. 17,319, No. 24,145, No. 26,197 and the Mining Code of Argentina, regulatory executive orders and amendment laws, as well as the environmental and safety regulations described in the following paragraph.

d. Provincial Law Q 4,296 and Provincial Law Q 2,627 and Regulatory Executive Order No. 24/03 thereof.

e. Provincial Law No. 3,250 (Special Waste Management and Environmental Protection), Provincial Law No. 3,266 (Environmental Impact Assessment Procedure Regulation), Provincial Law No. 2,952 (Water Code), Provincial Law No. 4,187 and Provincial Executive Order No. 492/05.

f. Executive Orders issued by the National Executive Branch of Government regulating the hydrocarbons’ activity.

g. Executive Orders issued by the Provincial Executive Branch of Government regulating the hydrocarbons’ activity.

h. Resolutions issued by the Argentine Secretariat of Energy regulating the hydrocarbons’ activity.

i. Resolutions issued by the Secretariat of Energy of Río Negro regulating the hydrocarbons’ activity.

j. Resolutions issued by the Secretariat of Hydrocarbons of Río Negro regulating the hydrocarbons’ activity.

9.2. The PARTIES shall resolve in good faith, by mutual consultation, any questions or controversy arising from or in connection with the AGREEMENT and they shall endeavor to reach an agreement in connection with such matters or controversies.

9.3. Any differences as may arise in connection with construction and application of this AGREEMENT which may not be resolved between the PARTIES shall be submitted to the jurisdiction of the Ordinary Courts of the First Judicial District in and for the Province of Río Negro, with seat in the City of Viedma, expressly excluding and waiving any other venue or jurisdiction as may be applicable thereto.

This AGREEMENT is entered into by the PARTIES at the place and on the date as first written hereinabove, in three (3) counterparts of the same tenor and to only one effect.

Eng. ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, Secretary of Energy of the Province of Río Negro. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, Attorney-in-fact for Petrobras Argentina S.A.

Exhibit A

EXPLOITATION INVESTMENT PLAN

The exploitation investment plan is aimed at developing the reserves at “▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇,” “▇▇ ▇▇ ▇▇▇▇—Medanito” and “Río Neuquén” Areas until termination of the AGREEMENT. Therefore, CONCESSIONAIRE undertakes to perform drilling of new ▇▇▇▇▇ and adjustment, improvement and optimization of facilities in order to obtain the greatest level of recovery of reserves, both discovered and to be discovered, by means of operations reasonably compatible with appropriate exploitation, from a financial and technical standpoint, of the field.

Moreover, it details the annual investments divided into: ▇▇▇▇▇ Drilling, Batteries, Treatment Plants, Aqueducts, Pipelines, Oil Pipelines, Gas Pipelines and others; in accordance with the Argentine Secretariat of Energy (SEN) form (Res. 2057/2005 Exhibits I and II) and anticipated annual expenses in connection with Labor, Workover, Services, Energy, Materials and others (Lifting Cost Components).

EXHIBIT A

Exploitation Investment Plan – Resolution SEN No. 2057/2005 Exhibits I and II

Exploitation Investment Plan

EXPLOITATION CONCESSIONS: ▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇.▇.- ▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇—Río Neuquén

OPERATOR: Petrobras Argentina S.A.

PROVINCE: Río Negro

INVESTMENTS COMMITMENT FOR RESERVES DEVELOPMENT AND HYDROCARBONS’ EXPLOITATION (in Million USD)

Exhibit B

EXPLORATION INVESTMENT PLAN

The exploration investment plan is aimed at increasing hydrocarbons’ reserves which have not been certified to date until termination of the “▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇,” “▇▇ ▇▇ ▇▇▇▇—Medanito” and “Río Neuquén” Areas. Exploration works may be performed outside the existing exploitation lots or deeper horizons may be surveyed within the existing exploitation lots, trying to locate other targets, including the so-called “Unconventional” targets. To such end, Concessionaire must submit a detailed description of works to be performed in every three-year period, including anticipated expenditures for each period under consideration until termination of the Agreement.

Furthermore, it details the investments divided into 2D and 3D Seismic Processing and Registration, Magnetometry, Gravimetry, Air Surveys, ▇▇▇▇▇ Drilling and others, according to the SEN Form (Res. 2057/2005 Exhibits I and II) and anticipated expenses in connection with Labor, Services, Transportation, Materials and others.

In those cases where the Enforcement Authority shall ascertain, by any sufficient means, that the exploration programs’ investment plan has not been complied with, such Authority shall be empowered to demand performance of such commitment within reasonable terms, under warning of ordering reversion of such fractions of surface areas involved.

EXHIBIT B

Exploration Investment Plan – Resolution SEN No. 2057/2005 Exhibits I and II

EXPLORATION INVESTMENTS PLAN

EXPLOITATION CONCESSIONS: ▇▇ ▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇.▇.- ▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇—Río Neuquén

OPERATOR: Petrobras Argentina S.A.

PROVINCE: Río Negro

TOTAL EXPLORATION EXPENDITURES COMMITMENT

Surface area of Norte de Tapera Este project (approximately 7.5 km2)

PRELIMINARY HYDROCARBONS’ EXPLORATION PROGRAM (detail)

PRELIMINARY HYDROCARBONS’ EXPLORATION PROGRAM (in million USD)**

CONTINGENT INVESTMENTS PLAN (SUBJECT TO EXPLORATION ACTIVITIES SUCCESS)

EXPLOITATION CONCESSIONS: 25 ▇▇ ▇▇▇▇ Medanito S.E. and Jagüel de los Machos

OPERATOR: Petrobras Argentina S.A.

PROVINCE: Río Negro

EXHIBIT C

ENVIRONMENTAL REMEDIATION PLAN

Secretariat of Energy

RN—Río Negro Government

EXHIBIT C

Environmental Liabilities Remediation Plan

CONCESSIONAIRE: Petrobras Argentina S.A.

CONCESSION AREA: Río Neuquén