- Agreement marks milestone towards Final Investment Decision
  - 12 mtpa project positions Argentina among leading LNG exporters
  - Project to unlock significant investment, employment and long-term energy export capacity

Eni, YPF and XRG, the foundational project partners, today announced they have signed a binding Joint Development Agreement (JDA) to advance Argentina LNG. This large-scale integrated gas and liquefaction project will unlock Argentina’s Vaca Muerta shale basin and help position the country as a long-term global LNG supplier.

Argentina LNG is expected to deliver 12 million tons per annum (mtpa) of LNG capacity, via two floating LNG facilities with a capacity of 6 mtpa each. The project is designed to include production, processing, transportation, and LNG export infrastructure.

The JDA marks another milestone for the project, establishing the workplan for the parties to progress through the next stage of development. Under the agreement, the partners will commence Front-End Engineering Design (FEED) and related activities, including engineering, technical structuring and key commercial and financing workstreams.

Horacio Marín, President and CEO of YPF, stated: “This new step marks the formal inclusion of XRG into the project we have been developing together with Eni. These two world-class players allow us to position Argentina LNG as one of the leading LNG projects globally. We will now continue working very intensively to reach FID during the second half of 2026.”

Eni Chief Operating Officer Global Natural Resources, Guido Brusco commented: “With the Joint Development Agreement a new partner – XRG – joins Argentina LNG, which is emerging as one of the most promising opportunities in the global gas landscape. This project is taking shape in a way that reflects both technological leadership and strategic vision.”

Mohamed Al Aryani, President, International Gas at XRG, said: “Argentina LNG’s potential is significant, and this agreement marks an important milestone in the project’s development. YPF, Eni and XRG share the ambition to progress a large-scale LNG project that supports reliable, flexible energy supply to international markets while creating long-term value for partners and local communities.

About Argentina LNG

Argentina LNG is a large-scale gas project that integrates upstream and midstream operations, designed to develop Vaca
Muerta’s resources and supply international markets. It is expected to reach exports of up to 12 million tonnes per annum
(MTPA) of LNG by 2030, with the potential to scale up to 18 MTPA.

About Eni

Eni is a global energy tech company operating in 64 Countries, with about 32,500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni's goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers.
In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni's areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy - a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.

About XRG

XRG is ADNOC’s international investment subsidiary, established to drive the company’s global expansion in the energy sector, with a special focus on natural gas, chemicals, and energy solutions. With an enterprise value of over $80 billion, XRG aims to do uble its assets over the next decade and seeks to become a global leader in the chemicals sector, build an integrated global gas portfolio, and strengthen investments in energy solutions.

XRG’s operations include acquisitions and management of international stakes: NextDecade’s Rio Grande LNG in the U.S., the Area 4 concession in Mozambique’s Rovuma Basin, and various gas investments in Turkmenistan and Egypt. The company positions itself as a driver of sustainable growth, technological innovation, and value creation for partners worldwide, consolidating Abu Dhabi and the UAE’s leadership in energy and chemicals.

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.