The Government has also given the green light for the first stage of the project to be included within the benefits of the Large Investment Incentive Regime (RIGI), thus supporting an investment commitment of 7 billion dollars over the next 20 years.
The Southern Energy consortium, responsible for carrying out the initiative, is made up of Pan American Energy (30%), YPF (25%), Pampa Energía (20%), Harbour Energy (15%), and Golar LNG (10%). The floating liquefaction unit will have a production capacity of 2.45 million tons per year (MTPA), equivalent to 11.5 million cubic meters of natural gas per day, and will become the first vessel of its kind to operate in the San Matías Gulf.
Meanwhile, Southern Energy will move forward with the construction of its own floating unit called "MKII," aimed at strengthening the project's capacity in this initial phase.
Starting in 2028, the plan will take a significant leap with the Argentina LNG 2 and 3 phases, which will increase total production capacity by an additional 22 MTPA. In the second phase (2029-2030), YPF will form a strategic partnership with Shell and three other major international players yet to be identified.
This stage is estimated to require an investment of up to 12 billion dollars and will include the construction of two proprietary floating liquefaction units (FLNG) and a new dedicated gas pipeline.
Meanwhile, the third phase of the project —Argentina LNG 3— is scheduled between 2028 and 2029, and will add another 12 MTPA to the installed capacity. This stage is now advancing with the signing of a preliminary agreement with Italian energy company Eni.
In addition to the projected growth in LNG exports, a significant expansion in external oil sales is expected, which could generate another 15 billion dollars per year by 2033. Together, LNG and crude oil could contribute about 30 billion dollars annually in foreign currency, a figure comparable to that of the agricultural export sector, and key to addressing the historic problem of dollar shortages in the Argentine economy.
