Eni's CEO, Claudio Descalzi, and the President and CEO of YPF, the State Energy Company of the Republic of Argentina, Horacio Daniel Marín, have signed a Memorandum of Understanding (MoU) to evaluate Eni's participation in the Argentina LNG project, promoted by YPF.
Argentina LNG is a large-scale upstream and midstream integrated gas development project, designed to develop the resources of the 'Vaca Muerta' onshore 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.
The project phase covered by the MoU between Eni and YPF 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.
Eni's CEO stated: '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.'
YPF's President and CEO stated: 'We are very pleased to sign this agreement with Eni, which would allow us 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.'
The MoU is in line with Eni's strategy of promoting the energy transition, favouring the development of gas production and reducing the emission impact, with the goal of achieving carbon neutrality by 2050, as well as contributing to the security and competitiveness needs of energy supplies.
Source: Eni
