JPMorgan and Santander Lead Argentina LNG Financing

JPMorgan and Santander are set to lead a fundraising push for the Argentina LNG export project, with the total financing package potentially reaching $15 billion, according to a report citing unnamed sources. One source told the publication that the companies involved in the venture are aiming to make a final investment decision by November.

A $24 Billion Bet on Argentine Gas

The project is a partnership between Italy’s Eni, Argentina’s state energy company YPF, and Emirati firm XRG. The facility will be built on Argentina’s Atlantic coast with an initial annual production capacity of 12 million tons of liquefied natural gas, potentially expanding to 18 million tons, the companies have said.

The total price tag stands at $24 billion. That figure covers two floating liquefaction trains, two cross-country pipelines, and a plant for natural gas liquids production, per the report. The sum is larger than Argentina’s current loan agreement with the International Monetary Fund, which sits at $20 billion.

LNG projects have a track record of exceeding their original budgets, so the final cost could end up higher than the current estimate.

Vaca Muerta at the Center of the Plan

The Argentina LNG project will draw its gas from the Vaca Muerta shale formation, which holds the world’s second-largest technically recoverable shale gas resources after the United States. According to the project partners, Argentina as a whole has the potential to eventually produce 24 million tons of liquefied gas annually.

Vaca Muerta has already helped Argentina become the fourth-largest oil producer in Latin America. That position could improve as the government prioritizes local energy development, encouraging infrastructure projects that boost the region’s offtake capacity.

Natural gas output currently stands at 5.5 billion cubic feet per day, near the all-time high of 5.7 billion cubic feet recorded in July 2025. The formation’s gas resources are estimated at roughly 308 trillion cubic feet.

For a country that has struggled with chronic energy deficits and foreign currency shortages, the difference between a $24 billion infrastructure bet and a $20 billion IMF agreement is more than a matter of accounting. The financing round will test whether international lenders see Argentina’s shale potential as a credible long-term investment, not just a political talking point. Getting the November decision through would mark a concrete step toward turning that potential into actual export volumes.

The lenders have not publicly commented on the reported figures, and the final structure of the financing round remains subject to negotiation. The November target will give a clearer picture of whether the $15 billion fundraising goal is realistic or optimistic.