Buenos Aires, September 1st, 2022
YPF AND PETRONAS sign agreement to advance LNG
development in Argentina
YPF entered today into a Joint Study and Development Agreement
(JSDA) with Petronas, Malaysia’s national oil and gas company,
relating to an integrated LNG project in Argentina that will
encompass upstream unconventional gas production, pipeline and
infrastructure development, LNG production, as well as
commercialization and international logistics.
Argentina has the world’s second largest unconventional gas
reserve. Therefore, both companies are interested in developing the
“LNG Project”, taking advantage of YPF’s leadership in the
development of Vaca Muerta and the experience and knowledge
accumulated by the Petronas Group in the operation of LNG
liquefaction facilities, both onshore and offshore, around the
world. This LNG project will respond to the world’s demand for gas,
replacing more coal-intensive energy sources and contributing to
reduce greenhouse gas emissions.
Since 2014, both companies have been partners in the development of
the La Amarga Chica block in Vaca Muerta, which today
is producing more than 40,000 barrels of oil and 1 million
cubic meters of gas per day.
YPF CEO Pablo Iuliano said, “I am very proud of the strategic
alliance we have had with Petronas since 2014 and today we take
another step forward to continue building the energy solutions that
the world and Argentina need.”
“We look forward to strengthening our successful alliance with
Petronas and joining forces once again to develop this strategic
project,” said Pablo Gonzalez, Chairman of the Board of
Directors of YPF.
This LNG project will unleash the full potential of Vaca
Muerta, generating an enormous positive impact on the Argentine
economy, creating thousands of jobs, multiplying economic activity
and developing a new export business.
In addition to this Agreement (JSDA), YPF and Petronas signed a
Memorandum of Understanding (MoU) to continue collaboration in
Argentina in other areas such as oil production, petrochemicals and
clean energy solutions.