Shell and YPF Sign $50 Billion LNG Deal

Shell and Argentina's state-run energy firm YPF have finalized a $50 billion agreement to develop the country's first liquefied natural gas (LNG) project, which aims to produce 10 million metric tons of LNG annually. The project will leverage the vast reserves of the Vaca Muerta shale formation, one of the largest unconventional gas reserves globally, with plans for future onshore facilities. YPF's prior partnership with Malaysian company Petronas has concluded, allowing Shell to take the lead in the initial phase of the initiative. This deal aligns with Shell's strategy to expand its LNG business amid growing global demand, particularly from Europe and Asia. Argentina's President Javier Milei sees the project as a crucial component of his administration's efforts to attract foreign investment and boost the economy. The successful implementation of the project could position Argentina as a key player in the global energy market.