MidOcean Energy LLC, a liquefied natural gas company founded by EIG, is in talks to join Argentina’s signature LNG venture, according to people familiar with the matter.
The $20 billion project led by state-run YPF SA and Italy’s Eni SpA envisages construction of at least two floating liquefaction vessels with annual capacity for 12 million tons off Argentina’s Atlantic coast. YPF executives have ambitions to incorporate a third vessel.
Talks are at an early stage and MidOcean may yet walk away from the project known as Argentina LNG, said the people, who asked not to be named because the information is private. Saudi Aramco is an investor in MidOcean.
President Javier Milei met MidOcean executives in Buenos Aires this week, according to a statement from his office that didn’t provide details of the meeting.
“We were pleased to meet with President Milei to discuss opportunities in Argentina’s energy sector as part of our regular assessment of business development opportunities globally, and we look forward to continued engagement,” EIG said in an email, without providing further comment on the talks.
YPF declined to comment. Eni didn’t immediately reply to a request for comment.
MidOcean holds stakes in gas-export plants in Australia, Peru and Canada, and has been looking to expand its portfolio.
Abu Dhabi National Oil Co.’s overseas investment arm, XRG, agreed in November to join as an equity partner in Argentina LNG but hasn’t yet inked a binding deal.
Argentina LNG is a key part of efforts to turn Argentina’s booming Vaca Muerta shale patch into a significant global provider of oil and gas. The exports could, in turn, drive a generational shift to stabilize the country’s crisis-prone economy.
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