JPMorgan, Santander to Lead $15 Billion Financing Push for Argentina LNG

August 25, 2026 at 12:30 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

JPMorgan and Santander will lead fundraising for the Argentina LNG project, targeting up to $15 billion. The project partners aim to make a final investment decision by November. The $24 billion project includes two floating liquefaction trains, two pipelines, and a natural gas liquids plant.

Key Facts

JPMorgan and Santander will lead a fundraising operation for Argentina LNG that could reach $15 billion, according to Bloomberg sources.
The Argentina LNG project is a partnership between Italy's Eni, Argentina's YPF, and Emirati XRG.
The facility is planned for Argentina's Atlantic coast with an annual production capacity of 12 million tons of liquefied gas, potentially ramping up to 18 million tons.
The project has a total price tag of $24 billion, exceeding Argentina's $20 billion loan agreement with the International Monetary Fund.
Vaca Muerta's natural gas resources are estimated at 308 trillion cubic feet, with current output at 5.5 billion cubic feet daily.

Financing and Decision Timeline

JPMorgan and Santander will lead the fundraising effort for Argentina LNG, with the total potentially reaching $15 billion. Bloomberg reported the figure, citing unnamed sources. One source said the companies involved aim to make a final investment decision by November. The project's total cost is $24 billion, higher than Argentina's $20 billion loan agreement with the International Monetary Fund.

Project Scope and Partners

Argentina LNG is a partnership between Italy's Eni, Argentina's state energy major YPF, and Emirati XRG. The facility will be built on Argentina's Atlantic coast with an annual production capacity of 12 million tons of liquefied gas, potentially ramping up to 18 million tons. The project includes two floating liquefaction trains, two cross-country pipelines, and a plant for natural gas liquids production. The project will source gas from the Vaca Muerta shale play, which holds the world's second-largest technically recoverable shale gas resources after the U.S. Marcellus.

Vaca Muerta Output

Vaca Muerta has made Argentina the fourth-largest oil producer in Latin America. Natural gas output stood at 5.5 billion cubic feet daily, near the all-time high of 5.7 billion cubic feet daily recorded in July 2025. Vaca Muerta's natural gas resources are estimated at 308 trillion cubic feet. According to project partners, Argentina has the potential to eventually produce 24 million tons of liquefied gas annually.