Chevron has applied to join Argentina’s incentive regime for large investments for a $13.8 billion unconventional oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on Tuesday, in what would rank among the biggest new bets on the country’s shale patch.
The filing, which still requires government approval, is the latest sign that global energy companies are positioning for long-term growth in Vaca Muerta, one of the world’s biggest shale oil and gas reserves and a cornerstone of the country’s hopes to boost exports and earn hard currency.
“Chevron commends Argentina’s government for making meaningful progress toward unlocking Argentina’s world-class energy resource,” the company said in a statement.
President Javier Milei’s government has promoted the RIGI, or incentive regime for large investments, as a key tool to attract foreign capital into strategic sectors including energy, mining and infrastructure.
“Frameworks such as RIGI, which contribute to the regulatory predictability and incentivize long-term investment decisions, are key steps for Argentina’s energy industry,” Chevron added.
(Reporting by Nicolas Misculin and Kylie Madry; Editing by Natalia Siniawski)