XRG confident Argentina will rise to the top of global LNG industry
XRG, the international energy investment unit of Adnoc, said it has committed to investing in Argentina's liquefied natural gas sector, citing confidence in the scale and quality of Vaca Muerta, the shale oil and gas deposit in the Neuquen Basin. XRG did not disclose the value of its investment. XRG and Italy's Eni signed agreements with Argentina's YPF in June to acquire stakes in three upstream blocks to supply a new LNG project, whose first phase is designed to produce 12 million tonnes a year.
Why it matters: The commitment adds to the pattern of state-linked Gulf capital moving into upstream and liquefaction assets abroad, a theme of energy security and cross-border investment in the briefing.