Camuzzi Gas Inversora has announced a new project to export gas from Puerto La Plata by ship, with investments estimated at US$3.9 billion over 20 years. This was confirmed by Alejandro Macfarlane, president of the group, and he announced that he would request to join RIGI and a special law from the government of Axel Kiselov on tax stability.
The group, headed by Italian businessman Fabrizio Garelli and Argentines Jorge Brito and McFarlane, announced the development, which aims to export liquefied natural gas via a liquefaction ship (Floating LNG) located in our region.
This will be the third project undertaken in the country to ship LNG by ship, following those reported by YPF and Pan American Energy. But there will be a difference. While the two being implemented will be based in Río Negro, the one from Camuzi has already begun negotiations with Kiciloff to plant a flag in Buenos Aires province.
It was reported that “LNG del Plata” is a dual project that will allow the export of more than 2.4 million tons of liquefied natural gas annually, equivalent to producing more than 9 million cubic meters per day of natural gas.
“We have planned this project for two years and reported it to the nation and the province this week,” McFarlane noted on Tuesday as part of the Energy Day organized by the specialized website Econojournal. He added that the initial investment will be 300 million US dollars and that they plan to request entry into the RIGI investment system and a special law from the Buenos Aires government with tax stability.
“This project is highly relevant to the country’s development, as it will not only generate 500 direct jobs, but throughout the planned 20 years of operation, it will contribute more than US$14.5 billion in foreign exchange from exports,” McFarlane stressed.
Camuzzi project details
According to the company, which in the country owns Camuzzi Gas Pampeana and Del Sur, the project is named LNG Del Plata and will export liquefied gas using the idle capacity of the national system during the summer months to transport natural gas from Vaca Muerta to the province of Buenos Aires.
Work will begin in the first quarter of next year, with official operation starting in the summer of 2028. They estimate that they will send more than 2.4 million tons per year of liquefied natural gas abroad, equivalent to producing more than 9 million cubic meters per day of natural gas. Brazil could be one of the international buyers. The initiative will also enhance supply in the local market in months when demand is greatest.
Between September and May, LNG Del Plata will allow the export of gas produced in Vaca Muerta, which will be transported through the system’s existing gas pipelines, whose capacity is idle in the summer season. Once it arrives at the port, the gas will be subjected to a liquefaction process to reduce its volume 600 times and facilitate its transport by sea, and then be regasified and consumed as natural gas at the destination.
Conversely, during the winter, the company will work to strengthen the national energy matrix, by releasing natural gas to meet peak demand. This dynamic will improve energy supply and reduce electricity generation costs by replacing high-cost liquid fuels.
The initial investment contemplates the creation of new transportation infrastructure that would allow the movement of gas currently delivered in Buchanan, Buenos Aires, to Ensenada; Construction of a 10-km underwater gas pipeline and an offshore platform for mooring a liquefaction vessel. In this context, the company is conducting advanced negotiations with a high-level international company specialized in this type of operations.