We advised YPF and Pluspetrol on the TGS-led landmark project for the processing and export of natural gas liquids from Vaca Muerta.

New Deal - June 18, 2026

Bruchou & Funes de Rioja, Martínez de Hoz & Rueda and Salaverri, Burgio & Wetzler Malbrán advised the parties in the negotiation and execution of the commercial agreements for the integrated natural gas liquids project (the “NGL Project”), developed by Transportadora de Gas del Sur S.A. (“TGS”) and certain affiliates. The NGL Project is one of the most significant midstream infrastructure initiatives currently under development in Argentina, aimed at exporting natural gas liquids derived from Vaca Muerta, with an estimated investment of approximately USD 3 billion.

Bruchou & Funes de Rioja advised YPF S.A. (“YPF”), Pluspetrol S.A. and Pluspetrol Cuenca Neuquina S.R.L. (together, “Pluspetrol”); Martínez de Hoz & Rueda advised Chevron Argentina S.R.L. (“Chevron”); and Salaverri, Burgio & Wetzler Malbrán advised TGS.

The NGL Project is a strategic initiative involving the construction, development and operation of the infrastructure required to capture, process, transport and export liquids associated with natural gas from Vaca Muerta, including propane, butane and natural gasoline. Among other works, the project includes the construction and operation of a gas stream segregation pipeline of approximately 100 km, new gas processing facilities at the Tratayén Plant (Neuquén Province), the construction and operation of a multi-product pipeline of approximately 577 km between Tratayén and the city of Bahía Blanca (Buenos Aires Province), as well as a fractionation plant, storage facilities and a marine terminal in Puerto Galván.

In this context, YPF and Pluspetrol committed gas volumes that, together with Chevron—whose participation remains subject to internal corporate approvals—will cover more than 80% of the project’s anticipated processing capacity, positioning them as key producers for the viability and development of this strategic initiative for Vaca Muerta.

The NGL Project will be developed under Argentina’s Incentive Regime for Large Investments (“RIGI”) and is expected to commence operations by 2030. Once operational, it is estimated to generate exports of approximately USD 1.2 billion per year, significantly contributing to the strengthening of Argentina’s energy infrastructure and the expansion of the country’s export capacity.