Golar LNG has entered into a definitive agreement with Argentina’s Pan American Energy (PAE) for a 20-year deployment of a 2.45 Mt/year Floating Liquefied Natural Gas (FLNG) in Argentina. The Hilli FLNG is expected to start LNG exports within 2027. Under the terms of the agreement, Golar will hold a 10% stake in Southern Energy, a dedicated joint venture with PAE, in charge of the purchase of domestic natural gas, operations, and sale and marketing of LNG volumes from Argentina.
Argentina plans to liquefy and export natural gas from the Vaca Muerta field’s large shale gas resources. Vaca Muerta has estimated gas reserves at around 8,700 bcm and oil reserves at 16.2 Gbl. It is estimated to be the second largest unconventional gas reserve and the fourth largest oil reserve of its kind in the world, with only 7% of its potential developed.
Argentina does not currently produce or export LNG. The country’s natural gas production dropped by 9% in 2020 and remains below its 2019 level (-7% to 42 bcm in 2023). Proved conventional gas reserves amounted to around 400 bcm (end of 2023).
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