PETRONAS signed a Memorandum of Understanding (MoU) with Argentina’s largest integrated oil and gas company, YPF to pursue collaboration in Argentina in an integrated LNG project and other areas, including upstream oil, petrochemicals and clean energy solutions.
The MoU was formalised by PETRONAS President and Group Chief Executive Officer, Datuk Tengku Muhammad Taufik and YPF Chairman and President, Pablo Gonzalez. Also present were senior management from PETRONAS and YPF.
In addition to the MoU, YPF and PETRONAS’ operating entity in Argentina, PETRONAS E&P Argentina S.A. executed a Joint Study and Development Agreement (JSDA) towards the study and potential development of the Argentina Integrated LNG project which will encompass dedicated upstream gas production, dedicated pipeline and infrastructure development, LNG production as well as marketing and shipping.
The Final Investment Decision for the projects will be undertaken after diligent technical and commercial assessment has been conducted, backed by conducive fiscal terms, legislation and policies.
Datuk Tengku Taufik said, “PETRONAS is focused on expanding and diversifying our integrated opportunities to capture key markets. This collaboration signifies a continued aspiration to achieve shared business growth, as well as in providing sustainable and cleaner energy solutions.
“PETRONAS’ expertise in integrated LNG and unconventional plays will add value to the intent and synergy of both parties in further exploring potential LNG opportunities in Argentina, leveraging on Vaca Muerta’s vast unconventional gas resources,” he added.
PETRONAS’ strategic alliance with YPF began in 2014 through its partnership in the La Amarga Chica project, Vaca Muerta, as part of its growth aspiration in the Americas.