Argentina's largest investment project aims to export Vaca Muerta gas
Argentina's majority state-owned oil company YPF confirmed on Thursday that it has filed an application for the Argentina LNG project to join the Large Investment Incentive Regime (RIGI). The venture, developed alongside Italy's Eni and the Emirati company XRG, contemplates an estimated outlay of 51 billion dollars over its full life, the largest figure submitted so far under the scheme.
Argentina's state-owned oil company YPF has filed a 51 billion dollar application for the Argentina LNG project under the Large Investment Incentive Regime (RIGI). The venture, a partnership with Italy's Eni and UAE's XRG, aims to produce liquefied natural gas (LNG) from the Vaca Muerta gas formation in Neuquén province. The project will include gas production, transport infrastructure, processing plants, and two floating liquefaction units with a combined capacity of 12 million tonnes annually, operating off the coast of Río Negro starting in 2031.
The RIGI offers legal, tax, customs, and foreign exchange stability, crucial for attracting international financing. The largest project submitted to date is LLL Oil at 25 billion dollars. YPF estimates export revenues of close to 10 billion dollars annually over twenty years, with the first stage requiring 15.5 billion dollars in financing.
The project is expected to create over 20,000 jobs during construction and around 8,000 during operation, with contract supplies of 15 billion dollars.
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