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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Argentina's state-owned YPF (NYSE:YPF) (Buenos Aires) has agreed to supply three Indian companies with liquefied natural gas (LNG) as it seeks to expand its midstream and export gas capacity to deal with growing production from Vaca Muerta.
YPF signed a memorandum of understanding (MOU) with India's Oil and Natural Gas Corporation (ONGC), Gas Authority of India Limited (GAIL) and Oil and Natural Gas Corporation Videsh Limited (OVL) to supply them with up to 10 million tons of LNG per year (MTPA).
The deal includes the LNG export agreement, cooperation on lithium and other minerals and exploration and production of hydrocarbons.
"It is a great satisfaction to advance with India in this agreement to potentially supply them with gas. We are convinced that the country has an opportunity to become an energy exporter and achieve the industry-wide goal of generating $30 billion in revenue over the next 10 years," said Horacio Daniel Marin, president of YPF.
This deal is part of YPF's efforts to find markets for its growing outputs from Vaca Muerta, the world's second-largest shale gas reservoir, which has increased in recent years thanks to the boom in shale production.
However, its remote location requires further midstream expansion to cope with the growing production. This is why YPF has announced the construction of Argentina LNG, a large-scale gas liquefaction project.
In the project's first phase, the export terminal is expected to have a capacity of 10 MTPA through two floating liquifying units. In the second phase, a modular liquefaction plant will be constructed to expand capacity by another 10 MTPA. Finally, the third phase expects to broaden the onshore plant with new liquefaction trains for an extra 10 MTPA.
This plant will receive natural gas from Vaca Muerta through a new 580-kilometer (360-mile) pipeline.
In December of last year, Shell plc (NYSE:SHEL) (London, England) and YPF agreed to develop the first phase of the project.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for a full list of projects related to Argentina LNG.
Typically a natural gas importer, Argentina could soon be a key world player in natural gas and LNG with the developments occurring across Vaca Muerta. In addition to the new export terminal, the country recently inaugurated new midstream projects aimed at transporting natural gas from the shale reservoir to the north of the country.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
YPF signed a memorandum of understanding (MOU) with India's Oil and Natural Gas Corporation (ONGC), Gas Authority of India Limited (GAIL) and Oil and Natural Gas Corporation Videsh Limited (OVL) to supply them with up to 10 million tons of LNG per year (MTPA).
The deal includes the LNG export agreement, cooperation on lithium and other minerals and exploration and production of hydrocarbons.
"It is a great satisfaction to advance with India in this agreement to potentially supply them with gas. We are convinced that the country has an opportunity to become an energy exporter and achieve the industry-wide goal of generating $30 billion in revenue over the next 10 years," said Horacio Daniel Marin, president of YPF.
This deal is part of YPF's efforts to find markets for its growing outputs from Vaca Muerta, the world's second-largest shale gas reservoir, which has increased in recent years thanks to the boom in shale production.
However, its remote location requires further midstream expansion to cope with the growing production. This is why YPF has announced the construction of Argentina LNG, a large-scale gas liquefaction project.
In the project's first phase, the export terminal is expected to have a capacity of 10 MTPA through two floating liquifying units. In the second phase, a modular liquefaction plant will be constructed to expand capacity by another 10 MTPA. Finally, the third phase expects to broaden the onshore plant with new liquefaction trains for an extra 10 MTPA.
This plant will receive natural gas from Vaca Muerta through a new 580-kilometer (360-mile) pipeline.
In December of last year, Shell plc (NYSE:SHEL) (London, England) and YPF agreed to develop the first phase of the project.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for a full list of projects related to Argentina LNG.
Typically a natural gas importer, Argentina could soon be a key world player in natural gas and LNG with the developments occurring across Vaca Muerta. In addition to the new export terminal, the country recently inaugurated new midstream projects aimed at transporting natural gas from the shale reservoir to the north of the country.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
