Italy's Eni and Abu Dhabi's XRG have each agreed to acquire a 32% stake in three gas blocks within Argentina's Vaca Muerta shale formation.
The transactions, finalized on June 29, see the two international majors joining state-controlled YPF as key shareholders in the entity developing the country's flagship liquefied natural gas export projects.
The move represents a significant vote of confidence in Argentina's energy sector, which has been working to attract foreign investment to unlock the vast reserves of the Vaca Muerta basin.
By bringing in Eni and XRG, YPF secures not only capital but also technical expertise and global market access, critical components for scaling up LNG production and export capabilities.
XRG, the international energy arm of Abu Dhabi National Oil Company (ADNOC), is expanding its upstream footprint in Latin America to support new LNG projects.
Similarly, Eni's continued involvement underscores its long-term commitment to the region's shale resources.