ARGENTINA · ENERGY
Key Facts
- Contracts YPF chief Horacio Marín says 27 of 28 contracts among the project partners are agreed.
- Last one The final contract is due to be negotiated in London next week.
- Decision The final investment decision could be signed between 26 and 30 November 2026.
- Size The partners put total investment at US$51 billion and capacity at 12 million tonnes a year.
- Partners YPF, Italy’s Eni and XRG, the international investment arm of Abu Dhabi’s ADNOC.
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 60.2 points (November 2026 edition).
Argentina LNG, the US$51 billion gas export project led by oil company YPF, is one contract short of its full set of agreements. YPF chief executive Horacio Marín said on Thursday 5 November that 27 of 28 contracts are agreed.
For US readers, the project matters because Argentina would become a new LNG exporter in a market where US producers are major players. Marín said the final investment decision, the formal go-ahead, could be signed between 26 and 30 November.
What YPF’s Chief Said on 5 November
Marín spoke by recorded video from Abu Dhabi, where he attends the ADIPEC oil trade fair. The video was shown on Thursday at an annual forum of the Buenos Aires Bar Association.
He said the last contract will be negotiated in London next week, with a large team of lawyers. Marín himself will stay in New York to meet investors.
What the 28 Contracts Do
The contracts are agreements among the partners that set up the company that will run the project. Marín described them as very long documents, “a thousand pages for sure”.
The partners are Eni, Italy’s energy group, and XRG, the international investment arm of ADNOC, Abu Dhabi’s state oil company. Eni and XRG would each hold 32% of the upstream gas blocks, and YPF 36%, once regulators approve.
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The Argentina LNG Project in Numbers
Argentina LNG would turn gas from the Vaca Muerta shale field into liquefied natural gas, gas cooled into a liquid for shipping. Two floating plants off Río Negro province would produce 12 million tonnes a year.
The partners estimate US$51 billion of total investment over the life of the project. YPF estimated in early October that exports would earn about US$10 billion a year at full operation.
How the Signing Date Moved
Marín first named 26 November as the signing date on 1 October in Paris, with Eni and XRG executives beside him. On 5 November the window widened to 26 to 30 November.
If the decision is signed, construction of the gas pipeline could begin in February 2027, Marín said in October. The pipelines would run about 527 kilometres from Vaca Muerta to Sierra Grande in Río Negro.
In Plain English, Who Is Who
YPF is Argentina’s state-controlled oil company, and Vaca Muerta is the shale formation in Neuquén province that would feed the project. Our explainer on Argentina’s state oil giant YPF covers its history.
The final investment decision is the point at which the partners commit the money and construction can start. Midco, the holding company the contracts create, is the vehicle that will operate the project.
What It Means for You
Marín calls Argentina LNG the largest investment in Argentine and Latin American history. A signing would start the construction timetable Marín has set for February 2027.
Earlier steps in the saga are in our reports on YPF’s signing talks and the financing letters still needed. YPF’s latest results are in our report on its US$1.2 billion quarterly profit.
What Is Not Known
Whether the last contract closes in London next week is for Marín’s team and the partners to answer. The signing window runs from 26 to 30 November.
Whether the financing is fully in place before signing is a question for YPF and its partners. Marín can answer when the signing window opens on 26 November.
More: Latin America news in English, every day from The Rio Times.
Frequently Asked Questions
What is Argentina LNG?
Argentina LNG is a US$51 billion project to export gas from the Vaca Muerta shale field as liquefied natural gas. YPF, Eni and XRG are the partners.
When will the final investment decision be signed?
YPF chief executive Horacio Marín said it could be signed between 26 and 30 November 2026. He had earlier named 26 November.
How many contracts are still open?
Marín said 27 of the 28 contracts among the partners are agreed. The last one is due to be negotiated in London next week.
Who are the partners in Argentina LNG?
YPF, Italy’s Eni and XRG, the international investment arm of Abu Dhabi’s ADNOC, are the partners. Eni and XRG would each hold 32% of the upstream gas blocks, and YPF 36%.
Sources: YPF S.A., chief executive Horacio Marín, recorded address to the Buenos Aires Bar Association forum Diálogos para la Argentina 2026, 5 November 2026; YPF S.A., Horacio Marín statement on the 26 November signing date, Argentina Week, Paris, 1 October 2026; Argentina LNG partners YPF, Eni and XRG, project description, October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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