Overview

• The agreement defines an initial 12 MTPA phase using two 6 MTPA floating LNG units off Río Negro, with an option to expand to 18 MTPA.
• A new ~48-inch, roughly 580-kilometre gas pipeline from Vaca Muerta to the Atlantic coast is planned to feed the offshore liquefaction vessels.
• Companies are preparing a project finance raise of at least $20 billion, with total infrastructure outlays estimated at $25–30 billion plus about $15 billion for drilling across roughly 800 wells.
• A commercial FID is targeted for the first half of 2026 with first operations aimed before 2029, while a separate consortium (SESA) plans earlier, smaller export volumes from 2027.
• Argentina’s government publicly backed the plan as it invites additional partners such as Shell and negotiates with shipbuilders Wison and Samsung, though analysts flag financing, regulatory certainty, infrastructure and market contracts as key risks.