Abu Dhabi National Oil Co PJSC (ADNOC) signed Tuesday a “non-binding framework agreement” to invest in YPF SA and Eni SpA’s project to export up to 12 million metric tons per annum (MMtpa) of natural gas from the Vaca Muerta field onshore Argentina.
ADNOC through its global investment arm XRG will “evaluate participation” in Argentina LNG, XRG said in an online statement.
“By joining forces with Eni’s world-class FLNG [floating liquefied natural gas] capabilities and YPF’s proven upstream leadership, we aim to set new benchmarks for innovation, scale and reliability in the international gas market”, said XRG international president for gas Mohamed Al Aryani.
Italy’s state-backed Eni said separately the agreement signed Tuesday at the ADIPEC energy forum in Abu Dhabi paves the way for a “joint development agreement”.
Last month Eni and Argentina’s state-owned YPF signed a “final technical project description”, bringing Argentina LNG closer to a final investment decision.
“The project involves the production, processing, transportation and liquefaction of gas for export through two floating gas liquefaction units with a capacity of six MTPA (million tons per year, equivalent to approximately 9 billion cubic meters of gas per year) each, in addition to the valorization and export of associated liquids”, Eni said in a press release October 10.
“Today’s agreement follows the head of agreement signed by the two companies in June 2025”.
Announcing its initial agreement with YPF, Eni said June 6 Argentina LNG has plans to expand to 30 MMtpa by 2030.
XRG added, “The non-binding framework agreement, signed during ADIPEC 2025, follows XRG’s recent investments in Mozambique’s Rovuma Basin, Block-1 Turkmenistan, Arcius Energy in Egypt, Absheron in Azerbaijan and the Rio Grande LNG project in the United States, reinforcing its ambition to become a leading global gas player”.
ADNOC’s Gas Ambitions
XRG aims to build a top-five integrated gas and LNG business with a capacity of 20-25 million MMtpa by 2035, as announced by the company June 3.
ADNOC launched XRG late last year to lead the UAE’s expansion in the natural gas, low-carbon energy and chemical markets.
In a separate transaction announced Monday, XRG said it had executed non-binding heads of terms to acquire a stake in Southern Gas Corridor CJSC (SGC) from Azerbaijan’s Economy Ministry. XRG did not disclose the stake.
SGC owns gas producing assets and a 3,500-kilometer (2,174.8 miles) pipeline with a capacity of 26 billion cubic meters (918.18 billion cubic feet) a year from the Caspian Sea to southern Europe via Turkiye, XRG noted.
SGC is owned 49 percent by the ministry and 51 percent by the State Oil Company of the Azerbaijan Republic (SOCAR).
“The agreement potentially expands XRG’s collaboration with SOCAR from gas production to the reliable delivery of energy resources to European markets seeking to diversify their sources of supply”, XRG said.
XRG already owns Caspian assets through its 30 percent stake in the producing Absheron gas and condensate field, a joint venture with SOCAR (35 percent) and France’s TotalEnergies SE (35 percent), as well as a 38 percent interest in Turkmenistan’s offshore Block I gas concession, also a producing asset.
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