Chevron applies for Argentina tax break program with $13B investment plan

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, 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.

Helping Argentina on a global scale

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.