Eni LNG Portfolio, 2 MTPA Venture Global SPA, 12 MTPA Argentina LNG Project, and 3 Strategic Agreements (2025)

LNG Portfolio Restructuring, Eni’s Pivot to US and South American Supply

Major energy companies are aggressively restructuring their Liquefied Natural Gas (LNG) portfolios, moving from legacy supply dependencies toward long-term contracts from diversified, high-growth production regions like North and South America to mitigate geopolitical risk and secure future energy supply.

Eni’s Transatlantic Shift

• In 2025, Italian major Eni executed a significant strategic diversification by signing its first-ever long-term Sales and Purchase Agreement (SPA) with a U.S. producer. The 20-year deal with Venture Global LNG secures 2 million tonnes per annum (MTPA) from the CP 2 LNG project.
• This agreement establishes a new transatlantic energy corridor for Eni, providing access to competitively priced gas from the dominant North American market and reducing reliance on a concentrated set of supply regions.

New Equity Production Hubs

• This offtake strategy is complemented by the advancement of new equity production hubs. In South America, Eni partnered with Argentina’s state energy company YPF and ADNOC‘s investment arm, XRG, to develop the large-scale Argentina LNG (ARGLNG) project.
• The project aims to unlock the vast Vaca Muerta shale gas reserves for global export, with a planned capacity of 12 MTPA, representing a new pillar of supply for Eni‘s portfolio.
• Simultaneously, Eni advanced its African interests, readying Phase 2 of the Congo LNG project in August 2025, using innovative technologies to bring new equity barrels to the global market and reinforce its strategic position on the continent.

Eni’s 3 Key Alliances to Build a 20 MTPA LNG Portfolio (2025)

In 2025, Eni forged critical partnerships across the value chain, from upstream development with national oil companies to long-term offtake with U.S. producers, to construct the framework for its goal of reaching 20 MTPA of contracted LNG by 2030.

The YPF and ADNOC Tri-Party Agreement

• The non-binding agreement signed on November 4, 2025, with Argentina’s YPF and ADNOC’s investment arm XRG is a pivotal upstream partnership. This alliance brings together a European major, a South American national oil company, and Middle Eastern capital to jointly develop the ambitious 12 MTPA Argentina LNG project.

Securing US Supply with Venture Global

• The 20-year SPA signed on July 16, 2025, with Venture Global LNG for 2 MTPA from the CP 2 LNG project is a cornerstone of Eni‘s diversification strategy. This deal provides long-term supply security from a stable, low-cost region and creates a direct link to the U.S. gas market.

Table: Selected Eni LNG Partnerships (2025)

US and Argentina, Eni’s New Geographic LNG Focus

Eni‘s 2025 strategy marks a clear geographic pivot towards the Americas while deepening its presence in Africa, establishing new supply centers to serve both European energy security needs and growing Asian markets.

Establishing an Americas Supply Hub

• The most significant geographic shift is the entry into the U.S. gas market via the long-term Venture Global agreement. This establishes a stable, long-term supply anchor for Eni in the world’s largest and most liquid LNG exporting region.
• In South America, the Argentina LNG project with YPF and ADNOC positions Eni to become a major exporter from the continent. This move to develop the Vaca Muerta shale play is a strategic effort to build a new supply hub, similar in scale to the ambitions of regional energy leader [Petrobras in Brazil.

Deepening African LNG Production

• Eni reinforced its long-standing presence in Africa by advancing key projects. The company readied Phase 2 of the Congo LNG project, with a sail-away ceremony in August 2025 marking a key milestone in bringing new equity supply online.
• These African assets are strategically located to efficiently supply gas to Europe, providing a geographic hedge to its newer, more distant supply sources in the Americas.

$50 B Potential Project, Eni’s Use of FLNG and Zero-Flaring Tech

Eni is leveraging proven and innovative technologies, particularly Floating LNG (FLNG) and emissions-reduction systems, to accelerate project timelines, reduce costs, and align its LNG expansion with its decarbonization targets.

FLNG as a Key Enabler

• Floating LNG vessels are central to Eni‘s strategy for developing gas resources efficiently. The technology is being considered for a massive $50 billion project with YPF in Argentina involving two FLNG units, demonstrating its scalability for monetizing world-class reserves.
• In the Republic of Congo, the FLNG approach allows for faster, phased development and quicker monetization of gas fields compared to building traditional large-scale onshore plants, as demonstrated by the progress on Phase 2 of the Congo LNG project.

Integrating Decarbonization Tech

• Eni is integrating environmental technology directly into its new LNG projects. The Congo LNG development is notable for its zero-flaring technological approach, a design choice intended to minimize methane emissions from the outset.
• This focus on cleaner production is complemented by parallel corporate initiatives. In 2025, the company began decommissioning work for its UK Carbon Capture and Storage (CCS) project, which targets an initial storage capacity of 4.5 MTPA. This dual strategy of expanding gas supply while building out CCS capacity reflects a broader industry trend seen with majors like Saudi Aramco to manage the carbon footprint of fossil fuel operations.

SWOT Analysis, Eni’s LNG Strategy Risks and Opportunities

Eni‘s 2025 LNG strategy capitalized on its upstream expertise and partnership capabilities but also exposed the company to significant execution risks associated with new mega-projects and volatile emerging markets.

Table: SWOT Analysis for Eni’s LNG Initiatives in 2025

Eni’s Argentina LNG Project, FID is the Next Critical Milestone

The critical validation point for Eni‘s entire South American strategy in the coming 12-18 months will be the successful progression of the Argentina LNG project towards a Final Investment Decision (FID) with its partners.

• If this happens: Eni, YPF, and ADNOC announce FID on the first phase of the Argentina LNG project.
• Watch this: Monitor for announcements regarding the finalization of project financing, the selection of an Engineering, Procurement, and Construction (EPC) contractor, and the signing of initial long-term offtake agreements for the Argentinian volumes.
• These could be happening: A successful FID would trigger a multi-billion-dollar investment cycle in Argentina’s energy sector, solidifying Vaca Muerta’s role as a global gas export hub. Conversely, significant delays could signal underlying challenges with project economics or political instability, putting a key pillar of Eni‘s 20 MTPA growth target at risk.

The questions your competitors are already asking

This report covers one angle of Eni’s LNG portfolio strategy. The questions that matter most depend on your work.

• Argentina Vaca Muerta gas export project timeline
• US LNG projects reaching final investment decision 2026
• Floating LNG project costs and construction time
• Global LNG supply demand forecast 2030

This report does not answer these. Enki Brief Pro does.

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