Overview

• YPF and Italy’s Eni formalized the technical go‑ahead for Argentina LNG, meeting President Javier Milei before signing what officials touted as a landmark step.
• The initial phase targets 12 million tonnes per year via two 6 MTPA floating liquefaction units off Río Negro, with talks reported to add partners and scale to 18 MTPA.
• Sponsors plan a large project‑finance package of about $20 billion as part of tens of billions in total spending that also covers a trunk pipeline, gas treatment plants and extensive new drilling.
• The partners aim for a commercial FID in the first half of 2026 and operations in the 2028–2029 window, while a separate Southern Energy consortium expects FLNG exports starting in 2027–2028.
• Projected exports are estimated near $14 billion annually in the first phase with potential to exceed $20 billion after expansion, though long‑term offtake, financing and regulatory stability remain critical.