One of the two pending submissions will propose a third liquefaction vessel for Argentina LNG, requiring approximately US$25 billion and raising total capacity to 18 million tonnes annually. YPF, Eni and XRG are seeking what Marín described as Latin America’s largest project financing to date. The second new RIGI application targets an oil hub in northern Vaca Muerta centered on the La Escalonada block, operated by YPF with Shell, Pluspetrol and Gas y Petróleo del Neuquén. The northern development mirrors the LLL Oil model, a US$25 billion initiative filed in May 2026 that consolidates five contiguous blocks and plans 1,152 wells to reach 240,000 barrels per day by 2032. LLL Oil will export all production via the Vaca Muerta Sur pipeline, generating estimated foreign sales of US$6 billion annually.
The US$154.1 billion tally also incorporates upstream gas blocks feeding Southern Energy, a consortium including Pan American Energy, YPF, Pampa Energía, Harbour Energy and Golar LNG that will supply 6 million tonnes annually from floating LNG units off Río Negro. Combined with the initial Argentina LNG phase, Argentina would deploy 18 million tonnes of annual LNG capacity, rising to 24 million if the third train proceeds. YPF estimates the 12-million-tonne baseline could generate US$10 billion to US$12 billion in annual exports once fully operational. Argentina LNG will also produce condensates, propane, butane and ethane, with gas and liquids each contributing roughly half of revenue, reducing exposure to single commodity price cycles. The strategy positions Vaca Muerta as a dual export platform for crude and LNG, supported by the 437-kilometer Vaca Muerta Oil Sur pipeline now exceeding 80 percent construction progress and scheduled to start operations in early 2027 with initial throughput of 180,000 barrels per day, scalable to 550,000.
This article was curated and published as part of our South American energy market coverage.
