(Source: Shutterstock.com)
Shell (SHEL) and Argentina’s state-run petrochemical firm YPF will develop the South American country’s first LNG export project, the companies said in separate press releases Dec. 19.
The overall project is expected to cost $50 billion. The first phase will result in two floating platforms producing about 10 million metric tons of LNG per year. The companies did not give a projected start-up date. Future phases will include onshore facilities.
Shell said the deal falls under the company’s overall strategy to grow its LNG business.
YPF had originally been working to develop LNG with Malaysian state oil company Petronas, according to YPF’s statement. The deal with Shell ends the South American country’s first partnership.
"We are proud that Shell, a world leader in LNG production, is joining the project," YPF President Horacio Marin said in his company’s statement.
Recommended Reading
Woodside Reports Record Q3 Production, Narrows Guidance for 2024
2024-10-17 - Australia’s Woodside Energy reported record production of 577,000 boe/d in the third quarter of 2024, an 18% increase due to the start of the Sangomar project offshore Senegal. The Aussie company has narrowed its production guidance for 2024 as a result.
Investor Returns Keep Aethon IPO-ready
2024-10-08 - Haynesville producer Aethon Energy is focused on investor returns, additional bolt-on acquisitions and mainly staying “IPO ready,” the company’s Senior Vice President of Finance said Oct. 3 at Hart Energy’s Energy Capital Conference (ECC) in Dallas.
SLB Earnings Rise, But Weakened 4Q and 2025 Ahead Due to Oil Glut
2024-10-22 - SLB, like Liberty Energy, revised guidance lower for the coming months, analysts said, as oilfield service companies grapple with concerns over an oversupplied global oil market.
Twenty Years Ago, Range Jumpstarted the Marcellus Boom
2024-11-06 - Range Resources launched the Appalachia shale rush, and rising domestic power and LNG demand can trigger it to boom again.
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.