XRG Bets Big on Argentina's LNG Ambitions

XRG, the international energy investment unit of Abu Dhabi National Oil Company (Adnoc), has made a significant commitment to Argentina's liquefied natural gas industry. The company has invested in Argentina's LNG network with confidence in the country's ability to become a top player in the global industry.

Vaca Muerta, a 30,000 square kilometer unconventional shale oil and gas deposit in the Neuquen Basin, is the world's second-biggest shale gas resource and fourth-largest for shale oil. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, Executive Chairman of XRG, and Managing Director and Group Chief Executive of Adnoc, expressed confidence in Vaca Muerta's scale and quality.

XRG has partnered with Italy's Eni and Argentina's YPF to acquire stakes in three upstream blocks to supply a new LNG project. The first phase of the Argentina LNG is designed to produce 12 million tonnes per year, supporting XRG's ambition to become a top-five global gas player.