“The project has received the full support of the National and Provincial Governments in Argentina that granted all necessary approvals including the first ever unrestricted 30-year LNG export authorization in Argentina; qualification for the Incentive Regime for Large Investments; and provincial approval by the province of Río Negro for the offshore and onshore Environmental Impact Assessments for FLNG Hilli”, the companies said in a statement.
Harbour Energy and its partners have taken final investment decision on the Southern Energy FLNG export project offshore Argentina’s Río Negro province, the company said on Friday.
Argentina’s controversial president Javier Milei, a self-described anarcho-capitalist, on taking office enacted strict austerity measures to rein in rampant triple-digit inflation, kick-start the economy and slash a massive fiscal deficit.
Argentina scored its widest annual energy trade surplus in nearly two decades in 2024 thanks to booming oil and gas production in the country’s Vaca Muerta shale patch. It’s forecast to do even better this year.
Construction on the expanded plant is set to begin in mid-2025, with first production expected in 2028, followed by a three-year ramp up to full capacity.
Drilling activity is accelerating in Argentina’s Vaca Muerta shale region, thanks in large part to policies by the business-friendly government of President Javier Milei. Shale oil now accounts for about 60% of Argentine crude and has put the nation on course to reach production levels unseen in more than 20 years, according to the US Energy Information Administration.
Under the agreement, the countries will form a working group to identify the measures required for gas exports to be viable and study the development of export infrastructure, primarily emphasising Argentina’s Vaca Muerta formation.
South American nations are increasingly realigning energy strategies to capitalize on offshore oil and gas reserves, signaling a marked shift from previously stated goals of reducing dependence on fossil fuels to satisfy the net zero agenda of those obsessed with a faux climate emergency.
Argentine oil driller Petrolera Aconcagua Energia SA is making arrangements to join the country’s stock market to raise funds for expansion as President Javier Milei’s reforms start to attract capital back to Argentine markets, the Buenos Aires Times has reported. Last month, Aconcagua revealed that it’s bidding for aging oil fields being sold by state-run giant YPF SA as the company looks to expand its current production clip of 13,500 boe/d. It isn’t clear yet if the Petrolera exploration and production unit would list alone, or if the entire Aconcagua Energía group will be involved in the upcoming IPO.
Argentina’s Petrochemical Comodoro Rivadavia SA, through subsidiary PCR Ecuador, discovered oil in a petroleum block 90-Sahino in southwest Ecuador and will carry out extended tests for 90 days, starting this month.