Eni and YPF sign agreement with XRG for participation in the Argentina LNG project

Eni and YPF, Argentina’s leading energy company, today signed a non-binding agreement with XRG, part of the ADNOC Group, regarding the company’s potential involvement in the 12 MTPA liquefied natural gas (LNG) phase of the integrated upstream-midstream Argentina LNG (ARGLNG) project.

ARGLNG is a large-scale, integrated upstream and midstream gas development project designed to develop the resources of the onshore "Vaca Muerta" field and serve international markets, exporting up to 30 million tonnes of LNG per year in various independent phases by 2030.

As established by the Final Technical Project Description signed on October 10 by Eni and YPF, the project involves gas production, processing, transportation, and liquefaction for export through two floating gas liquefaction units (FLNG) with a capacity of 6 MTPA (million tons per year, equivalent to approximately 9 billion cubic meters of gas per year) each, as well as the valorisation and export of associated liquids.

Today’s agreement establishes a framework for cooperation between the parties, with the aim of signing a Joint Development Agreement (JDA) for ARGLNG.

Eni and ADNOC are strategic partners, having previously collaborated on key projects in the United Arab Emirates and other geographies. Involvement as a potential partner in the project is expected to support the Final Investment Decision.