Vaca Muerta Finds Global Opportunity Amid LNG Supply Shortage
The partial interruption of liquefied natural gas exports from Qatar and deceleration signals in oil production in the United States have created a favorable scenario for Vaca Muerta. Tightening supply is driving European and Asian buyers to diversify their suppliers, while Argentina seeks to expand its transport capacity and advance LNG projects.
The Ras Laffan complex in Qatar suffered the outage of two of its 14 liquefaction trains and the Pearl GTL plant operated by Shell. Repairs would take between three and five years and would reduce the country's LNG export capacity by 12.8 million tonnes annually, equivalent to approximately 17% of its international LNG sales.
The effective closure of the Strait of Hormuz also restricted maritime transit and affected approximately 20% of global LNG trade. The International Energy Agency estimates that cumulative supply losses between 2026 and 2030 could reach 140 billion cubic meters. Even if the route reopens, war insurance and recovery of flows would keep supply constrained for several months.
In this context, Transportadora de Gas del Norte announced the Manuel Belgrano Pipeline, a 753-kilometer project between Tratayén, Neuquén, and La Carlota, Córdoba, crossing five provinces. The project envisages an initial capacity of 13 million cubic meters daily, an investment of USD 2.2 billion, and startup in April 2029. TGN will seek to incorporate it into the Large Investment Incentive Regime and finance it with private capital.
According to projections released, the pipeline would reduce liquid fuel imports by USD 700 million annually and enable gas exports worth approximately USD 450 million. The project will complement the expansion of the Perito Moreno Pipeline, scheduled to start operations before winter 2027, and will serve demand especially from the Litoral corridor and Córdoba.
YPF, for its part, confirmed it is close to signing between two and three LNG sales contracts, with individual volumes of between 0.5 and 1.5 million tonnes annually. Argentina LNG's final investment decision is scheduled for November and contemplates total investment estimated at USD 51 billion, together with Eni and XRG. The project envisages two floating units off the Golfo San Matías in Río Negro, with initial capacity of 12 million tonnes annually, expandable to 18 million.
The scheme has the interest of 47 international banks for its first phase, valued at USD 15.5 billion, which received bids worth 2.4 times the required amount. In parallel, the RIGI offers tax, foreign exchange, and customs incentives, in addition to regulatory stability for three decades, as a framework to attract large-scale energy investments.