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Eni Acquires Stake in Argentina LNG Project, Expands Presence in Vaca Muerta Gas Basin

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Italian energy major Eni said (E) on Monday it had signed an agreement to acquire a 32% stake in three upstream blocks within Argentina's prolific Vaca Muerta shale basin.

Under the terms of the deal, Eni will partner with Argentina's state-backed oil firm YPF and the investment unit of Adnoc Group, XRG, to develop the Meseta Buena Esperanza, Aguada Villanueva, and Las Tacanas blocks.

YPF will retain a 36% stake upon the transaction's closing, subject to regulatory approvals, while Eni and XRG will each hold 32%.

The assets form part of the Argentina LNG integrated development project, which combines upstream gas production with LNG export infrastructure to monetize resources from the Vaca Muerta basin.

The project is projected to support 12 million tons per annum of LNG production capacity through two floating LNG units, each capable of producing 6 million tons per annum.

Price: $46.72, Change: $+0.64, Percent Change: +1.38%

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