Argentina's YPF Drops Plan for Land-Based LNG Plant, Will Rely on Floating Facilities
(Reuters) — Argentina's state-run oil firm YPF has ruled out building an onshore natural gas liquefaction plant as it will instead rely on floating vessels for this process, YPF's chief executive said in an interview with local media.
In the interview with Diario Rio Negro, CEO Horacio Marin said there would be no onshore plant and the three phases in its plan to export LNG would be through ships.
"The time frames are much faster than on a land-based plant, and they're all turnkey projects so you know exactly what they will cost," Marin said.
YPF is leading development of Argentina's Vaca Muerta formation, an area the size of Belgium holding the world's second-largest shale gas reserves and fourth largest for shale oil.
Under the Southern Energy Project, YPF and other oil firms are planning by 2027 to start up Argentina's first liquefaction vessel with a capacity of 11.5 million cubic meters per day, and add another vessel the following year.
It has also signed a deal with Shell under which the oil major will participate in the production, liquefaction and sale of LNG.
YPF also recently signed a memorandum of understanding with Italy's Eni to develop upstream LNG facilities, including transport to two floating liquefaction facilities of some 6 million metric tons per year.
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