Chevron Targets $13.8 Billion Argentina Shale Expansion, Joining Milei’s Incentive Program

Chevron applied for Argentina’s Incentive Regime for Large Investments (RIGI) with a $13.8 billion proposal.

The project focuses on developing the El Trapial area within the Vaca Muerta shale formation. Vaca Muerta is one of the largest unconventional oil and gas reserves globally.

This move marks one of the largest applications under President Javier Milei’s new economic framework. The RIGI program provides long-term fiscal stability and tax breaks to attract foreign investors.

The framework also includes legal protections against future regulatory changes. Chevron, a long-time investor in the region, aims to significantly increase its production through this project.