Key facts
- XRG and Eni acquired minority stakes in three gas blocks in Argentina.
- The gas blocks are located in the Vaca Muerta shale basin.
- The blocks are linked to a planned LNG export project.
- The project targets a capacity of 12 million tons per annum.
- XRG is a subsidiary of ADNOC.
- Eni is an Italian energy company.
Abu Dhabi's XRG, a subsidiary of ADNOC, and Italy's Eni have jointly acquired minority stakes in three gas blocks located in Argentina's Vaca Muerta shale basin. These blocks are crucial components of a planned liquefied natural gas (LNG) export project that aims to achieve an annual production capacity of 12 million tons. The acquisition highlights the increasing international attention on Argentina's substantial energy reserves and its potential to become a significant player in the global LNG market. The Vaca Muerta formation is renowned for its vast unconventional hydrocarbon potential, making it a focal point for energy development. This strategic investment by Eni and XRG is expected to accelerate the development of these gas resources and contribute to the realization of the ambitious LNG export terminal. The project's success could bolster Argentina's position in the international energy trade and attract further foreign investment into its energy sector.