MidOcean Energy, the liquefied natural gas company backed by EIG Partners, is in talks to join Argentina’s flagship LNG project, according to people familiar with the matter. The move would deepen foreign investment in the South American nation’s energy sector. MidOcean, which is also backed by Saudi Aramco, sees potential in Argentina's vast Vaca Muerta shale reserves.

Argentina has long sought to capitalize on its enormous natural gas resources, but political instability and currency controls have stalled progress. Joining this project gives MidOcean a foothold in a key growth market for LNG. For Argentina, securing experienced international partners is critical to turning the long-delayed venture into reality.

The country’s new government is courting investors to boost exports and rebuild foreign currency reserves. If MidOcean finalizes a deal, it could pave the way for other energy majors to commit capital. The partnership would also strengthen ties between Saudi-backed energy capital and Argentina's burgeoning energy industry.