CERAWEEK- Green light for gas project with Argentina’s Petronas to come in 2024 -YPF CEO | – #CERAWEEK #Green #light #gas #project #Argentinas #Petronas #YPF #CEO
HOUSTON, March 8 (Reuters) – Argentina’s state-run energy company YPF ( YPFD.BA ) and Malaysia’s Petronas, in Argentina, 60 billion dollar giant natural gas expects to make a final decision next year on whether to invest in the first phase of its project. The head of the YPF said on Wednesday.
Gas The five-phase project, which combines production, storage, pipeline transportation and liquefaction, will help the South American country monetize its vast reserves and provide liquefied natural gas gas (LNG) is the basis for becoming an exporter.
Technical staff from Petronas traveled to Argentina in February to plan the project. 5-6 for the construction of its first phase facilities capable of producing up to 5 million metric tons of LNG per year billion dollars is expected to require investment.
YPF CEO Pablo Iuliano told reporters at the CERAWeek conference in Houston that drilling rigs for the upstream part of the gas project could be imported as Argentina struggles to secure specialized equipment.
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Separately, YPF expects to make a final investment decision this year for an oil midstream project connecting a monobuoy to serve terminals and supertankers along with a pipeline from the Vaca Muerta area, Iuliano said. If the decision is positive, construction could begin between late 2023 and early 2024.
The gas project with Petronas, the oil terminal and the two-phase gas pipeline connecting Vaca Muerta with the Northern region of the country are needed to increase the country’s oil and gas production and exports.
Iuliano said that the first phase of the gas pipeline is being built, and a tender for the second phase is expected this year as the government negotiates to secure bank financing.
Argentina sits on one of the world’s largest reserves of shale gas, but the cash-strapped country still needs to import fuel to generate electricity. Last year, its energy deficit was about 5 billion dollars was evaluated.
Iuliano said that the oil and gas producers of the government in the coming weeks are promoting the production of LNG law they expect to send the project to Congress.
It is expected to be discussed by MPs at the beginning of this year offer which is law It will promote the construction of LNG plants and related infrastructure.
“We see this law as a very good first step to create conditions for other businesses in the future,” Iuliano said. “It’s absolutely necessary.”
According to him, law The project is expected to include measures to ensure fiscal stability, access to foreign exchange markets and permits for companies to invest in long-term gas and LNG projects.
Reporting by Marianna Parraga; Edited by David Gregorio
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Marianna Parraga
2023-03-08 21:48:35
Source – reuters
Translation“24 HOURS”