PARIS, 1st October, 2026 (WAM) -- Dr. Sultan Ahmed Al Jaber, Executive Chairman of XRG, said today that XRG is backing Argentina’s ambition to become a major new supplier of LNG to global markets.
Speaking at Argentina Week in Paris, Dr. Al Jaber said XRG’s participation in Argentina LNG reflects confidence in the scale and quality of Vaca Muerta, the country’s improving investment environment and the combined ability of YPF, Eni and XRG to deliver a globally competitive LNG project.
“Argentina has the ingredients to build a world-class LNG business. Vaca Muerta is the world’s second largest shale gas resource and the fourth largest for shale oil. Oil production is at record levels, and last year Argentina posted its largest energy trade surplus in more than three decades. That is not a forecast; it is a track record. It gives XRG confidence that the resource is real, the capability is proven and Argentina can deliver at scale.”
During Argentina Week, hosted by the Government of Argentina, Dr. Al Jaber met President Javier Milei and joined a panel with Horacio Marín, Chairman and CEO of YPF, and Claudio Descalzi, CEO of Eni. He noted that investments of this scale span decades and require confidence, predictability and a shared commitment to delivery.
"The reforms led by President Milei, including the new RIGI investment framework, are creating the long-term stability that capital-intensive energy projects need and strengthening Argentina's appeal to international investors."
Dr. Al Jaber explained how success is not measured only in the LNG that leaves Argentina. “It's measured in the value that stays there. It means export earnings. It means business for local suppliers. It means skilled jobs for Argentine people. We are talking more than 40,000 jobs and billions flowing back into the Argentine economy. No country or company secures its energy future alone. You need different sources of supply, reliable routes to market, and partners you can count on.”
Dr. Al Jaber said the partnership brings together complementary strengths: “YPF brings deep expertise across Argentina’s energy value chain and is the leading shale operator in Vaca Muerta. Eni brings proven floating LNG delivery, including from Mozambique where XRG is already its partner. XRG brings long-term capital, global market reach and the technical and commercial capabilities built through ADNOC’s five decades of operating at scale. Together, we can give customers, lenders, and stakeholders confidence that this complex project can be financed, delivered, and connected reliably to markets around the world.”
Dr. Al Jaber also highlighted the deepening relationship between the UAE and Argentina. The two countries recently launched negotiations on a Comprehensive Economic Partnership Agreement and identified the YPF–XRG partnership as an example of the high-impact, long-term investment both countries want to advance.
The first phase of Argentina LNG is designed to produce 12 million tonnes per annum. The project supports XRG’s ambition to become a top-five global gas player and establishes Latin America as an important new growth region within its portfolio.
In June 2026, XRG and Eni each agreed to acquire a 32% interest in three YPF-operated Vaca Muerta blocks: Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas. YPF retains the remaining 36%, and completion is subject to customary regulatory approvals.
The blocks are expected to supply gas to the Argentina LNG project. The opportunity would add a major South Atlantic supply position to XRG’s global gas platform, complementing its presence across North America, the Caspian region and Africa, while strengthening its ability to connect advantaged resources with long-term demand in key markets.