Page 10: of Offshore Engineer Magazine (Sep/Oct 2025)

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MARKETS EXPLORATION incentive program, which provides it with legal stability,

Argentina LNG: the ability to repatriate profts, dividends, and capital,

Vast Opportunities but Hurdles Remain

The only non-U.S. Gulf LNG project to reach FID this and shields the project from new national, provincial, or year so far is Argentina’s 5.95 MMtpa-capacity Southern municipal taxes. However, some players remain averse to

Energy FLNG. The development benefts from especially making long-term investments in Argentine LNG proj- low capex, by harnessing feed gas from the world-class Vaca ects, given the country’s traditional political volatility and

Muerta shale and chartering Golar LNG’s Hilli Episeyo following its short-lived Tango FLNG export experience during 2019-2020.

and MK II FLNG vessels, which are both converted con- ventional LNG tankers, for 20 years.

North America Leads LNG’s evolution

Argentina LNG Phases 2 and 3, led by Shell and Eni re-

North American LNG production and FIDs will con- spectively, are proposing another combined 22 MMtpa of tinue ramping up aggressively this decade, initially under- liquefaction capacity, with each phase requiring two new- build FLNG units. Last month, YPF CEO Horacio Marín pinned by the US Gulf Coast projects’ competitiveness reaffrmed 2026 FID targets for the Shell and Eni phases and unique fexibilities. The developments will be further and highlighted positive discussions, particularly with Asian boosted by independent North American gas producers’

LNG players, regarding farm-in partners and LNG off takers. increasingly accelerating their international LNG volume

The FLNG component of Southern Energy LNG’s frst and pricing exposures as well as the re-emergence of U.S.- phase was successfully admitted into Argentina’s RIGI focused banks in physical LNG.

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