ADNOC and Eni Secure Stakes in Argentina’s Vaca Muerta Gas Fields

The acquisition covers the Meseta Buena Esperanza, Aguada Villanueva, and Las Tacanas blocks, providing the partners long-term equity access to some of the world's most significant unconventional gas resources. This supply is earmarked for a massive LNG project centered on two floating units in Río Negro province, each designed for a 6 million tons per annum capacity. A final investment decision for the project is expected by late 2026.

For the administration of President Javier Milei, the venture is a critical component of a broader $30 billion energy export strategy. By leveraging the Vaca Muerta basin, the government intends to stabilize central bank U.S. dollar reserves through enhanced export capabilities. The initiative is supported by the Régimen de Incentivo para Grandes Inversiones, which offers 30-year tax breaks and customs relief to attract foreign capital. Beyond LNG, the country is pushing forward with the $2.6-billion Vaca Muerta Sur pipeline to facilitate crude oil exports, aiming to secure approximately $2.5 billion in annual foreign exchange earnings through the Southern Energy consortium.