Argentina's Energy Breakthrough: Eni and YPF Seal LNG Deal
Italy's Eni and Argentina's YPF have formalized an engineering deal for the Vaca Muerta LNG project, following an earlier agreement in June. The collaboration focuses on exploiting gas resources, aiming for 12 million metric tons annually. With an anticipated $40 billion investment, the initiative targets market entry before 2029.
Italy's energy giant Eni and Argentina's YPF have officially finalized an engineering agreement for the highly anticipated Vaca Muerta liquefied natural gas project. The announcement was made during a presentation on Friday.
The partnership builds on an initial accord signed in June, aimed at harnessing gas resources from Argentina's Vaca Muerta field. The plan encompasses production, treatment, transportation, and the liquefaction of gas through cutting-edge floating units. The goal is to achieve a yearly capacity of 12 million metric tons.
Eni CEO Claudio Descalzi emphasized the urgency of market entry before 2029, while YPF CEO Horacio Marin outlined the project's ambitious scope, including the drilling of 800 new wells and an investment of $40 billion. The initiative aims to double YPF's gas production output by 2024.
(With inputs from agencies.)
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