Chevron plans to spend 500 mln in Argentina

Argentina

BUENOS AIRES, June 12, 2023 – Chevron has planned spending of more than USD 500 million to develop the Trapial block on Argentina’s Vaca Muerte basin, Argentina’s Ministry of Economy announced on Friday.

The new spending strategy is expected to begin before July 2023.

In April 2022, Chevron was awarded the 283-square-kilometre concession in the western Neuquen province.

The American energy giant had previously planned spending of almost USD 80 million for the pilot phase of the project.

The Vaca Muerta basin holds the world’s fourth-largest shale oil reserves and the second largest shale gas reserves.

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