30/06/2026 09:55 - Economia
YPF has finalized binding agreements with Eni (Italy) and XRG (a subsidiary of ADNOC from Abu Dhabi) to advance the Argentina LNG project—the nation's most ambitious liquefied natural gas export plan. This operation marks a historic milestone in positioning Vaca Muerta, one of the world's largest shale formations, as a global energy source.
The operation will be carried out through the company UPCO ARLNG I S.A.U., which will manage the gas blocks in Vaca Muerta designated for the project. According to YPF's official statement, the shareholding distribution will be structured as follows:
| Company | Origin | Stake |
|---|---|---|
| YPF | Argentina | 36% (retains operational control) |
| Eni | Italy | 32% |
| XRG | United Arab Emirates (ADNOC) | 32% |
The blocks involved in the agreement are: Las Tacanas I and II (323 km², dry gas), Aguada Villanueva Norte (50 km², condensate gas), and Meseta Buena Esperanza I and II (303 km², rich gas). YPF consolidated these areas on April 30 through an asset exchange with Pluspetrol.
US$ 28 billion
US$ 16 billion allocated for midstream infrastructure and liquefaction ports.
US$ 12 billion for upstream development in Vaca Muerta.
12 million tons/year
Projected LNG (liquefied natural gas) export capacity to international markets.
Argentina LNG is a comprehensive initiative that integrates the entire natural gas value chain:
UPSTREAM
Gas extraction from the Vaca Muerta blocks assigned to the project.
MIDSTREAM
Construction of pipelines and transport infrastructure to liquefaction facilities.
DOWNSTREAM
Liquefaction plants and LNG export terminals.
The project is framed within the RIGI (Regime of Incentives for Large Investments), which guarantees 30-year regulatory stability, reduction of income tax to 25%, exemption from export duties after 3 years, and free availability of foreign currency. The goal is to formalize the Final Investment Decision (FID) before the end of 2026.
"The entry of Eni and XRG into the upstream strengthens the project's value chain and allows us to move toward its global-scale development."
— Horacio Marín, President and CEO of YPF
"Our entry into Vaca Muerta strengthens Eni's capacity to develop gas resources on a global scale and convert them into competitive LNG."
— Guido Brusco, COO of Global Natural Resources (Eni)
"Argentina has the potential to play an important role in meeting the growing global demand for natural gas."
— Mohamed Al Aryani, President of International Gas (XRG)
YPF (Yacimientos Petrolíferos Fiscales) is Argentina's state-controlled energy company and the largest oil and gas producer in the country.
Vaca Muerta ("Dead Cow" in Spanish) is a massive shale formation located in Neuquén province, western Argentina. It is considered one of the world's largest unconventional oil and gas reserves, comparable to the Eagle Ford formation in Texas, USA.
XRG, the investment arm of ADNOC (Abu Dhabi National Oil Company), adds this project to its international portfolio, which includes assets in the United States, Azerbaijan, Turkmenistan, and Mozambique. For Eni, this operation strengthens its presence in South America and its capacity to integrate upstream operations with LNG markets.
Sources: Infobae, YPF official statement.
Alfredo S. Quiroga
