Argentina is scheduled to announce the winners of bids in the natural gas tender program on Dec. 15, according to Energy Secretary Darío Martinez.

Winning companies are to be judged based on a “mechanism that guarantees transparency and competitiveness between producers,” according to Martinez.

The aim of the tender program is to reverse falling natural gas production in the country, including from the vast Vaca Muerta formation in western Argentina. The government expects producers to invest $6.5 billion over the next four years as a result of the scheme.

The plan would offer fixed prices for producers starting in 2021 through the end of 2024 for a total 2.47 Bcf/d.

Natural gas production has been down most of this year in Argentina. In September, gas output fell by...