YPF has signed a Memorandum of Understanding (MOU) with India's Oil and Natural Gas Corporation (OIL), Gas Authority of India Limited (GAIL), and Oil and Natural Gas Corporation Videsh (OVL) for the export of LNG with an estimated target of up to 10 million tons per year. Additionally, the agreement includes cooperation on lithium and other critical minerals as well as the exploration and production of hydrocarbons.
The signing ceremony in New Delhi was attended by the Minister of Petroleum and Natural Gas, Hardeep Sinh Puri; the Secretary of Petroleum and Gas, Pankaj Jain; OIL's Executive Director of Business Development, Ranjan Goswami; GAIL's Executive Director of LNG, Satyabarata Bairagi; OVL's Vice President of Business Development, Swati Sathe; and YPF's President and CEO, Horacio Marín.
'It is a great satisfaction to advance with India in this agreement to potentially supply them with gas. We are convinced that the country has an opportunity to become an energy exporter and achieve the industry -wide goal of generating $30 billion in revenue over the next 10 years,' said YPF's President. 'I want to thank the commitment and dedication of the Argentine Ambassador in India and his entire team who were involved from the beginning and contributed to achieving this goal,' Marín concluded.
The signing of the MOU successfully concluded the tour that YPF's President began in January of this year through Israel, Korea, and Japan to generate interest and open these markets to gas produced from Vaca Muerta.
Company Details
• GAIL is one of India's leading gas companies, operating more than 16,000 kilometers of pipelines. It is responsible for managing LNG purchase contracts in the country.
• OIL is India's integrated oil and gas company. With state participation and over 60 years of operations, the company produces more than 3 million tons of crude oil per year. It is the third-largest oil producer in India.
• OVL is the second largest oil company in India. It is a subsidiary of the state-owned Oil and Natural Gas Corporation Ltd (ONGC) with operations in 17 countries. Its production represents almost 15% of India's total. OVL. About the Argentina LNG Project Argentina LNG is a project for the liquefaction of gas for export to global markets. It includes the production of gas in dedicated blocks in Vaca Muerta, its transportation through dedicated pipelines to a processing terminal (offshore/onshore) in Río Negro on the Atlantic coast.
About the Argentina LNG Project Argentina LNG is a project for the liquefaction of gas for export to global markets. It includes the production of gas in dedicated blocks in Vaca Muerta, its transportation through dedicated pipelines to a processing terminal (offshore/onshore) in Río Negro on the Atlantic coast.