LONDON/NEW YORK, September 2, 2026 – Baker Botts L.L.P., a leading global energy, technology, and life sciences law firm, represented San Matías Pipeline S.A. (SMP), a special purpose vehicle formed by Pan American Energy, YPF, Pampa Energía, Harbour Energy and Golar LNG, in connection with a $900 million senior secured term loan financing for the construction and development of SMP’s dedicated natural gas pipeline in Argentina.

The transaction is one of the first significant project financings in the Argentine energy industry. The financing represents nearly 70% of the project’s estimated $1.3 billion investment and will support construction of a 472-kilometer pipeline designed to transport 27 million cubic meters of natural gas per day from Argentina’s Vaca Muerta formation to Southern Energy S.A.’s floating LNG facilities off the coast of Río Negro.

Citi, JPMorgan, Santander and Itaú led the financing for the project, which has been admitted to Argentina’s Incentive Regime for Large Investments, known as RIGI.

The pipeline is scheduled for completion in mid-2028. The Hilli Episeyo floating LNG vessel is expected to begin operations in 2027, followed by Esperanza, previously known as MKII, in 2028.

“This landmark financing represents an important step in the development of large-scale energy infrastructure in Argentina,” said Project Finance Co-Chair Mark Castillo-Bernaus. “We are proud to represent Pan American Energy and SMP on a project that supports the country’s growing role in global LNG markets.”

“San Matías Pipeline is the connective tissue for Argentina’s first large-scale LNG export project,” Global Projects Partner Veronica Relea said. “Without dedicated transport capacity, the upstream and liquefaction investment can’t reach global markets. This financing also shows RIGI working as intended: giving international lenders the legal and fiscal certainty to commit capital at scale to Argentine infrastructure.”

Mark Castillo-Bernaus, Veronica Relea and Nic Kennedy led the cross-border Baker Botts deal team with assistance from Bruchou & Funes de Rioja as local counsel.

Baker Botts has a long history of representing participants in the development, construction and financing of capital-intensive projects around the world. The Firm’s project finance lawyers advise borrowers, sponsors, commercial banks, institutional lenders, and other financing parties on global energy and infrastructure projects.

Baker Botts Lawyers/Offices Involved:

Project Finance: Mark Castillo-Bernaus (Partner, London); Veronica Relea (Partner, New York); Nic Kennedy (Special Counsel, London); Therese Detablan (Senior Associate, New York); Jennifer O’Donoghue (Associate, London)

Derivatives: Evan Koster (Partner, New York); Ignacio Beheran (Associate, New York)

Project Development / Energy Transactions: Alistair Wishart (Partner, London); Matthew Gurch (Partner, Washington, D.C.)