The real constraint isn't capital: the three OEM suppliers capable of rebuilding Ras Laffan's liquefaction trains entered 2026 with two-to-four-year backlogs — and Argentina needs the same equipment to build its own LNG export capacity
The Italian major's CEO argued that speed of monetization — not capital retrenchment — is the right response to energy market volatility; Argentina, where ENI is committed to a $20 billion LNG project and a new deepwater block off Uruguay, is among his clearest test cases
With partner Sultan Al Jaber joining virtually from Abu Dhabi — after Iranian strikes hit ADNOC infrastructure — the YPF CEO cast the Hormuz closure as a structural commercial advantage for Argentina's Atlantic LNG routes; FID remains on track for October 2026
Horacio Marín worked the margins of the event in New York with bilateral meetings aimed at structuring what several banks already position as the largest project finance deal in Latin America. JPMorgan Chase is acting as adviser and has already begun outreach to more than 200 financial institutions worldwide. The final investment decision (FID) is targeted for the second half of 2026.
The Punta Colorada Terminal, the endpoint of the Vaca Muerta Oil Sur (VMOS) pipeline, is advancing with roof assembly on two of the six planned storage tanks. With total storage capacity of 720,000 cubic meters and an investment exceeding $3 billion, the project is designed to transport up to 550,000 barrels per day and establish a new crude export route from Río Negro province on Argentina’s Atlantic coast.
The swap with Pluspetrol could act as a catalyst to unlock the project, where key players have already begun positioning themselves. By consolidating control over high-density gas areas, YPF is building the stable, large-scale supply base needed to make a megaproject like Argentina LNG financially viable.
The government implemented a new framework to guarantee gas supply during peak-demand months, shifting the import and commercialization of liquefied natural gas (LNG) to the private sector and eliminating state intermediation.
The memorandum acts as a kind of “local RIGI,” setting out clear conditions and long-term commitments for executing the project within provincial territory.
Southern Energy will ship up to 2 million metric tons per year of LNG to SEFE Securing Energy for Europe for eight years beginning in 2027.
It is the largest LNG sales operation from Argentina in terms of both volume and duration. The agreement was signed by Rodolfo Freyre of Southern Energy South America (SESA) and Frédéric Barnaud of Germany’s SEFE. The deal further strengthens Vaca Muerta’s position as an international player.
How a potential discovery off Uruguay could reshape the region’s offshore map
The oil company led by Horacio Marín signed an agreement with Italy’s Eni to jointly explore Block OFF-5, which spans 17,000 square kilometers and reaches a maximum water depth of 4,100 meters.
