The oil company that bet on Vaca Muerta before anyone else is back with its biggest investment in the country's history

Chevron has submitted its largest-ever investment proposal in Argentina, seeking incentives under the country's Large Investment Incentive Regime (RIGI) for a new upstream development project in the Vaca Muerta region. The company estimates an investment of $13.8 billion for the El Trapial area, marking the most significant application under the RIGI program to date.

In a statement, Chevron acknowledged the Argentine government's efforts and progress in developing the nation's energy resources. The company highlighted that frameworks like the RIGI, which foster regulatory predictability, are crucial for encouraging long-term investment decisions within the energy sector.

Chevron's history in Argentina dates back 26 years, with over $10 billion invested. The company's significant expansion occurred in 2013 with a joint venture with YPF to explore and produce in Loma Campana, now the country's largest unconventional field. Chevron currently holds a 50% stake in Loma Campana and directly operates El Trapial, the site of its new proposed project, alongside exploration activities in Narambuena and Loma del Molle.

This investment follows positive signals from Chevron's leadership. In March, CEO Mike Wirth praised Argentina's improving investment climate at CERAWeek, noting that the current administration has systematically addressed issues such as labor legislation rigidities, import restrictions, and production export limitations, leading to tangible progress.