Eni’s CEO, Claudio Descalzi, and the CEO of YPF, Horacio Marín, signed the memorandum on Monday to evaluate Eni’s participation in the Argentina LNG project, according to a statement by Eni.
Eni noted that Argentina LNG is a large-scale upstream and midstream integrated gas development project, designed to develop the resources of the Vaca Muerta onshore shale gas field and serve international markets through exporting in various phases up to 30 million tons per year (mtpa) of LNG by the end of the decade.
According to the statement, the project phase covered by the MoU relates to the development of upstream, transportation, and gas liquefaction facilities through two floating LNG units of 6 mtpa each, for a total of 12 mtpa.
“YPF’s choice of Eni as a strategic partner stems from the specific and distinctive know-how we have developed in FLNG projects in Congo and Mozambique, and from the recognition of our global leadership in implementing projects with this technology,” Descalzi said.
Marin said this agreement with Eni would allow YPF to accelerate the timeline for the Argentina LNG project.
“We see great interest worldwide, both from large production companies and from countries seeking to purchase gas from Vaca Muerta,” he said.
Last week, Marin said that YPF expects more supermajors to become equity partners in the planned Argentina LNG project following a deal with Shell.
He revealed this during YPF’s investor day in New York on April 11, providing more details on the project which includes three phases.
In December 2024, YPF and UK-based LNG giant Shell signed a project development agreement (PDA) for the first phase of the Argentina LNG export project.
Earlier this year, YPF also joined a floating LNG project developed by Pan American Energy, Golar LNG, and other partners.
YPF signed a participation agreement to acquire a 15 percent interest in Southern Energy, a company that is planning to develop the FLNG project in Argentina.
