Chevron commits $13.8 bn to Vaca Muerta shale project in Argentina

Chevron announced a $13.8 billion investment to develop the El Trapial field in the Vaca Muerta shale basin under Argentina's Régimen de Incentivos para Grandes Inversiones (RIGI). The project aims to expand production in Neuquén, strengthen Argentina’s energy exports and attract foreign capital. Chevron highlighted the regulatory stability and long‑term incentives offered by the RIGI scheme, calling recent reforms by President Javier Milei and Economy Minister Luis Caputo “key steps” for the sector.

The company already operates El Trapial and holds a 50 % non‑operating interest in nearby concessions Loma Campana and Narambuena in partnership with YPF. CEO Mike Wirth praised the geological quality of Vaca Muerta and said Chevron will apply technologies from its U.S. shale operations to improve efficiency and recovery in Argentina.