Chevron is launching a development plan exceeding $10 billion for Argentina’s Vaca Muerta shale formation. This represents one of the largest unconventional oil investment commitments in South American history.
Economy Minister Luis Caputo confirmed the plan following discussions with the company. Chevron is submitting the proposal under Argentina’s new RIGI framework for large-scale investments.
The company will apply technical expertise from its Permian Basin operations to the geologically similar Vaca Muerta field. Chevron’s internal models find the project compelling at current oil prices despite higher operational costs compared to the Permian. The decision to proceed comes even before Argentina implements further planned reforms.
This move signals a commitment by the US supermajor to large-scale, long-cycle international projects. For investors in the VDE ETF, Chevron remains a top holding focused on future production growth.