The company YPF signed a Memorandum of Understanding (MOU) with the companies Oil and Natural Gas Corporation (OIL), Gas Authority of India Limited (GAIL), and Oil and Natural Gas Corporation Videsh Limited (OVL) from India for the export of up to 10 million tons of Liquefied Natural Gas (LNG) per year. In addition, the agreement includes cooperation in lithium and other critical minerals, as well as the exploration and production of hydrocarbons, the company reported.
Present at the signing of the agreement in New Delhi were India's Minister of Petroleum and Natural Gas, Hardeep Sinh Puri, along with other authorities and representatives of the companies involved. YPF will be responsible for managing LNG purchase contracts in the country. OIL, for its part, is a prominent oil and gas company in India, representing approximately 15% of the country's total production.
YPF's president, Horacio Marín, expressed that Argentina LNG is a project to export liquefied gas globally, highlighting the country's potential to become an energy exporter and generate significant revenue for the industry in the coming years. Marín also thanked the Argentine ambassador in India and his team for contributing to achieving this goal.
The signed MOU marks the conclusion of the tour that YPF's president began earlier in the year in Israel, South Korea, and Japan with the purpose of boosting interest in those markets for gas from Vaca Muerta. GAIL and OVL, both major energy companies in India, are noted for their extensive operations in the gas and oil sectors in the Asian country.
YPF, through gas production in blocks in Vaca Muerta and its transportation via dedicated pipelines, aims to supply gas for both the domestic market and for export. With a strong state participation and over six decades of experience, the company is an important crude producer in the country, exceeding 3 million tons per year.
