YPF SA: YPF submits US$25bn RIGI project to drive Vaca Muerta growth

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YPF SA: YPF submits US$25bn RIGI project to drive Vaca Muerta growth

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YPF SA

YPF submits US$25bn RIGI project to drive

Vaca Muerta growth

Maintain Rating: BUY | PO: 64.00 USD | Price: 43.66 USD

A US$25bn project applying for RIGI benefit 18 May 2026

On Friday, YPF announced it has submitted a request for the RIGI to apply to a US$25bn Equity

oil project over the next 15 years, a move that should materially accelerate the

development of Vaca Muerta. The project, known as LLL, represents Argentina’s most LeonardoResearch AnalystMarcondes >>

significant oil export initiative to date and is the largest proposal submitted under RIGI. Merrill Lynch (Brazil)

We view the announcement positively, not only from a micro perspective, with YPF leonardo.marcondes@bofa.com

continuing to scale its Vaca Muerta operations at highly attractive IRRs, but also from a Caio Ribeiro >> Research Analyst

macro standpoint, as it supports Argentina’s ability to generate USD through exports. Merrill Lynch (Brazil)

We maintain our Buy rating. caio.ribeiro@bofa.com

Nicolas Barros >>

Research AnalystLLL to drive 240kbpd plateau; US$6bn annual exports Merrill Lynch (Brazil)

The project, to be fully developed by YPF, contemplates the drilling of 1,152 wells and nicolas.barros@bofa.com

reaching a production plateau of 240kbpd by 2032. Crude output will be fully export-

oriented via VMOS, while associated natural gas will supply the domestic market. At

peak, LLL is expected to generate approximately US$6bn in annual exports and create

Stock Data6,000 direct jobs during the development phase. To date, the company has not disclosed

details regarding the project’s funding structure. Price (ADR / Common) 43.66 USD / 65,000.00

RIGI gaining traction across upstream ARS