Eni CEO, Milei Meet in Paris as Argentina LNG Nears Year-End FID

Eni CEO Claudio Descalzi met Argentine President Javier Milei in Paris on Oct. 2 to discuss the Argentina LNG project, which partners aim to bring to a final investment decision before year-end 2026. The venture, developed by Eni, state-controlled YPF and Abu Dhabi-based XRG, is designed to monetize Vaca Muerta gas. The first phase targets 12 million tonnes per annum via two floating LNG units of 6 mtpa each, with production scheduled to begin in 2030. Partners are evaluating an expansion to 18 mtpa. The consortium signed a binding joint development agreement in February, applied in August to enter Argentina's RIGI incentive regime, and expects the FLNG units offshore Río Negro province. In June, Eni agreed to acquire 32% of the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks, pending regulatory approval. Eni said the leaders also stressed the need for a stable long-term investment framework. Europe is among potential destinations for future Argentine LNG.