Argentina's Pampa Energia joins LNG export project (updated)

Pan American Energy

29/11/2024 21:56

(Updates with additional detail from statement, adds context on
YPF)
       BUENOS AIRES, Nov 29 (Reuters) - Argentina's Pampa
Energia  PAMPm.BA  said on Friday it has joined Pan American
Energy and Golar on a project to export liquefied natural gas
(LNG) out of the South American nation. 
    Pampa Energia will hold a 20% stake in Southern Energy, the
LNG joint venture from Pan American Energy  PNRG.CD  and Golar,
the company added in a statement. 
    "We consider it a very important project for the country to
become a world exporter of liquefied natural gas," Pampa Energia
CEO Gustavo Mariani said in the release.
    The project aims to export 11.5 million cubic meters of LNG
per day and is set to require a $2.9 billion investment over the
next 10 years. 
        Pampa Energia said it has pledged to supply 22.2% of
those volumes from its fields in the Neuquen basin, home of the
the massive Vaca Muerta shale formation.
  
        Argentine state-owned energy company YPF  YPFDm.BA  is
also set to join the export project, according to a recent
comment by its head Horacio Marin on LinkedIn.
        "We are joining this initiative which marks a milestone
in our country's energy industry and represents a significant
step to advance our Argentina LNG project," Marin wrote in a
post. 
  

 (Reporting by Eliana Raszewski; Editing by Kylie Madry)
 ((Aida.Pelaez-Fernandez@thomsonreuters.com;))