Chevron applies for Argentina RIGI program with $13.8 billion investment plan

US oil major Chevron has submitted a $13.8 billion investment project in Argentina and requested its inclusion under the Large Investment Incentive Regime (RIGI), launched by the South American country.

According to a company statement, the investment will be directed toward developing the El Trapial area in Argentina’s Neuquén province, within the Vaca Muerta unconventional shale formation.

In Argentina, Chevron produces crude oil and natural gas and conducts exploration and development activities in Vaca Muerta.

In addition to operating and owning the El Trapial block, the U.S. company holds a 50% non-operated stake in the Loma Campana and Narambuena concessions through a partnership with YPF.

If admitted to the RIGI program, Chevron’s project will gain access to a range of tax incentives, exemption from export duties, relief from the requirement to repatriate export revenues, as well as 30 years of regulatory stability and access to international arbitration in the event of disputes.

Several other Vaca Muerta-focused investment projects have also applied for admission to the RIGI framework, an incentive regime introduced by President Javier Milei’s administration in 2024.

Among them is a $25 billion project submitted by YPF, which plans to drill 1,152 wells across various Vaca Muerta areas and reach production of 240,000 barrels of oil per day starting in 2032.