Overview
- XRG, the international investments arm of ADNOC, joins YPF and Eni as a binding founder partner under a Joint Development Agreement.
- The agreement launches FEED plus technical structuring, commercial definition and financing workstreams to reach FID in the second half of 2026.
- The project is designed for 12 MTPA from two 6 MTPA floating liquefaction units off Río Negro, with an option to scale to 18 MTPA by 2030.
- The consortium is exploring external financing of roughly $12–12.5 billion, with JP Morgan reported to be leading investor outreach.
- Public reporting projects first LNG exports around 2029–2030, positioning Vaca Muerta gas for long-term sales alongside earlier-phase exports targeted from 2027 by the separate SESA venture.