Eni CEO meets Milei as Argentina LNG eyes final decision

Eni CEO Claudio Descalzi met Argentine President Javier Milei in Paris on October 2, 2026, during Argentina Week events. The leaders discussed energy investment and the development of natural gas resources as the Argentina LNG project approaches a final investment decision before the end of the year.

The venture is being developed by Eni, state-controlled YPF and Abu Dhabi-based XRG to monetize Vaca Muerta gas. The initial phase is designed to produce 12 million tonnes per annum using two floating LNG facilities capable of producing 6 million tonnes each. The units are planned for offshore Río Negro province, with output scheduled to begin in 2030 and a potential expansion to 18 million tonnes per year under evaluation.

The partners signed a binding joint development agreement for the 12-mtpa phase in February 2026. In June, Eni agreed to acquire a 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in Vaca Muerta, securing direct upstream acreage to feed the export project subject to regulatory approvals.

The consortium also applied in August to enter Argentina's Large Investment Incentive Regime, known as RIGI. Eni noted that both leaders emphasized the need for a stable long-term framework, identifying Europe and other international markets as future destinations for Argentine LNG.