LONDON – Bracewell (UK) LLP represented Eni S.p.A. in connection with its acquisition of a 32% participating interest in three unconventional gas blocks in Argentina’s Vaca Muerta shale basin as part of the integrated Argentina LNG project. Eni signed a sale and purchase agreement with YPF S.A., Argentina’s national oil company, for the 32% interest in the Meseta Buena Esperanza, Aguada Villanueva and Las Tacanas blocks in the Neuquén province of Argentina.
The transaction, which is subject to approval by the relevant authorities, will establish Eni as a key partner in the Argentina LNG development. Following completion, YPF will hold a 36% operating stake in the three blocks, and Eni and XRG will each hold a 32% interest. The three blocks are expected to provide feed gas for the planned Argentina LNG export project, which targets a capacity of 12 million tons per annum of liquefied natural gas via two 6 MTPA floating LNG units.
“We are delighted to have assisted Eni on this significant transaction, which will help develop Argentina’s vast Vaca Muerta gas reserves into a new global LNG supply source,” said Bracewell partner Darren Spalding, who led the Bracewell team that also included Nicholas Neuberger, Kirsty Delaney and Rachel Strickland. “Our team is proud to support Eni on a project that will contribute to the growth of its upstream gas and LNG business, while also helping to advance a landmark energy development for Argentina.”
Bracewell lawyers involved in the transaction include:
Partners: Darren Spalding and Nicholas Neuberger
Senior Associate: Kirsty Delaney
Associate: Rachel Strickland
