Argentina’s President Alberto Fernández unveiled Thursday an LNG project to export gas sourced from the prolific Vaca Muerta formation.

The $10 billion project would be developed jointly by Argentine state oil firm YPF and Malaysian liquefied natural gas giant Petroliam Nasional Berhad, aka Petronas.

“We have the energy that the world needs and will need in the future,” Fernández said. He said the globe faced “an unprecedented energy crisis because of a bellicose war which has placed under pressure the conditions needed to meet energy demand.”

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He called the energy crisis caused by the Russia-Ukraine conflict “tragic,” but...