PRESS RELEASE
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, Malaysias 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 worlds second largest unconventional gas reserve. Therefore, both companies are interested in developing the LNG Project,
taking advantage of YPFs 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 worlds 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.