YPF, Eni Advance Argentina LNG Export Project

Argentina's state-run energy company YPF and Italian energy giant Eni have formalized a strategic partnership to advance the Argentina LNG (ARGLNG) project, aiming to export up to 30 million tons of liquefied natural gas annually by 2030. The agreement, signed during a meeting between Argentine President Javier Milei and Italian Prime Minister Giorgia Meloni, leverages Eni's expertise from floating LNG projects in Congo and Mozambique to develop Argentina's vast Vaca Muerta shale gas resources. YPF President Horacio Marín highlighted the forthcoming export contract involving two of the world's largest LNG tankers, each with a capacity of six million tons, and noted the expected participation of a significant third global player. The project is seen as crucial for diversifying Italy and Europe's energy sources following reduced reliance on Russian gas due to geopolitical tensions. YPF also anticipates a major increase in gas well drilling at Vaca Muerta to meet export capacity goals, with a final investment decision expected by the end of the year. This partnership positions Argentina as a key player in the growing global LNG market amid increasing demand from Asia and Europe.