Petronas and YPF ink land deal for large LNG export project in Argentina

Malaysia’s energy giant Petronas and Argentina’s state-owned oil and gas company YPF are moving forward with their plans to develop a large LNG export project in Argentina, and they have signed an initial land lease deal with the port of Bahia Blanca in Buenos Aires.

According to a statement by the port of Bahia Blanca, its president Federico Susbielles held a meeting with Adnan Zainal Abidin, COO and EVP of Petronas, YPF chairman and president, Pablo Gonzalez, and YPF CEO Pablo Luliano.

The reservation deal includes an initial period of six months, during which YPF and Petronas will carry out technical, economic, maritime, soil, and environmental studies to determine how to make the project viable and internationally competitive, according to the statement.

At the end of this period, the firms plan to submit a private initiative application to secure a long-term concession, it said.

YPF and a Petronas’ unit in Argentina signed a joint study and development agreement on September 1, 2022 to work on the potential development of the Argentina integrated LNG project, Argentina GNL, to liquefy natural gas from Vaca Muerta’s vast shale gas resources.

The project will include upstream gas production, dedicated pipeline and infrastructure development, LNG production, as well as marketing and shipping.

YPF previously said the first phase of the project includes a production of 5 million tonnes of LNG per year and the investment is worth about $10 billion.

In the future, the capacity could rise to 25 million tonnes of LNG per year.

The port of Bahia Blanca said in the statement that the total project investment could reach $50 billion.

Most Popular

Golar plans new FLNG order in 2025

Floating LNG player Golar LNG is working with shipyards to order one or more floating LNG production units in 2025.

Venture Global to start CP2 LNG construction after FERC approval

US LNG exporter Venture Global LNG plans to start construction of its CP2 LNG project in Louisiana "immediately" following approval from the US FERC.

Iberica Knutsen delivers LNG cargo to Mukran FSRU after grounding

The 138,000-cbm LNG carrier Iberica Knutsen has delivered its LNG cargo to the Deutsche ReGas-operated Mukran FSRU-based LNG import facility in Germany following a grounding incident.

More News Like This

Eni launches production at Indonesian gas field

Italy's Eni has started gas production from the Merakes East field, in the Kutei basin, offshore Indonesia, which will supply both the domestic market and Pertamina’s Bontang LNG facility in East Kalimantan.

YPF CEO: FID on second Argentina FLNG expected by July

Pan American Energy, Golar LNG, YPF, Pampa Energia, and Harbour Energy plan to take a final investment decision on Argentina's second floating LNG production unit by the end of July, according to YPF CEO Horacio Marin.

PAE, Golar, and partners take FID on Argentina FLNG project

Pan American Energy, Golar LNG, YPF, Pampa Energia, and Harbour Energy have taken a final investment decision for the Southern Energy floating liquefied natural gas export project in Argentina.

Wison scores Suriname FLNG gig

China’s Wison New Energies has signed a detailed feasibility study deal for a newbuild floating liquefied natural gas (FLNG) facility in Suriname's offshore Block 52.