Through Executive Order No. 272/2016, published in the Official Gazette on 01/04/2016, the Executive Branch dissolved the Commission of Planning and Strategic Coordination of the National Plan for Hydrocarbons Investments and transferred its functions to the Ministry of Energy and Mining.

The Commission was created in July 2012 by Executive Order No. 1277/2012, to implement the National Plan for Hydrocarbons Investments which aims at maximizing investment in exploration, exploitation, refining, transport and commercialization of hydrocarbons to recover Argentine energy-self-sufficiency. The Commission had strong powers to evaluate, challenge and monitor the investment plans to be mandatorily submitted to the Commission by the companies engaged in the sector. The Commission was also empowered to impose sanctions in case of absence of submission or non execution of investment plans.

The obligation for the companies to submit their annual investment plan remains in force, however the Executive Order No. 272/2016 has further weakened governmental intervention by derogating the powers to evaluate, challenge and monitor compliance of the investment plans submitted by the companies, as well as the sanctioning powers.

The rest of the functions related to the implementation of the National Investment Plan Hydrocarbon that remain in force and are assumed by the Ministry of Energy and Mining are:

(i) To conduct the National Register of Hydrocarbon Investments where all companies that are engaged in exploration, exploitation, refining, transportation and commercialization of hydrocarbons and fuels must be registered with to carry out such activities within the Argentine territory.

(ii) To request technical, quantitative and/or financial information from companies engaged in the exploration, exploitation, refining, transportation and commercialization of hydrocarbons to evaluate the performance of the sector.

(iii) To prepare the annual National Hydrocarbon Investment Plan, setting targets for investment in exploration, production, refining, transportation and commercialization of hydrocarbons to achieve the objectives of the National Hydrocarbons Policy.

(iv) To create promotional schemes to increase production and commercialization of hydrocarbons.