Eni's CEO, Claudio Descalzi, and the President and CEO of YPF, the State Energy Company of the Republic of Argentina, Horacio Daniel Marín, today 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."

Today's 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.

About Eni

Eni (NYSE: E) is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

About YPF

YPF is the main energy company in Argentina, with a share in the production of oil and gas of 43% in the local market and 56% in naphtha. YPF is leader in the production of unconventional resources. It is an integrated energy company that generates a varied offer: natural gas, electricity, fuels, petrochemical inputs, lubricants and agro products, among others. It has more than 1500 gas stations that allow the supply the country.