Chevron Seeks Approval for $13.8B Vaca Muerta Unconventional Oil Project
CVX•Chevron has applied for Argentina’s RIGI regime to develop a $13.8bn unconventional oil project in the El Trapial area of Vaca Muerta. The plan covers 111,000 net acres including two 100%-owned El Trapial blocks and a 50% non-operated stake in Loma Campana and Narambuena concessions pending approval.
1. RIGI Application Submission
Chevron submitted an application under Argentina’s Large Investment Incentive Regime to secure benefits for its proposed $13.8bn unconventional oil development in the Vaca Muerta shale formation. The filing marks one of the largest new investment proposals in the country’s energy sector.
2. Project Scope
The project targets the El Trapial area, covering 111,000 net acres across two 100%-owned blocks for conventional and unconventional resources. Chevron also holds a 50% non-operated interest in the adjacent Loma Campana and Narambuena concessions.
3. Regulatory Framework
RIGI provides tax, customs and foreign exchange advantages for investments above $200m, aiming to enhance predictability and legal security. The incentive regime was established via Law No. 27,742 and Decree No. 749/2024 to attract large-scale international capital.
4. Strategic Implications
Approval would strengthen Chevron’s position in one of the world’s largest shale reserves and support Argentina’s export growth strategy. It could boost Chevron’s long-term production capacity and contribute to foreign currency earnings.
