Key moments

*Chevron, a U.S.-based oil company, plans to invest over $500 million in the Trapial block within the Vaca Muerta shale basin in Argentina’s western Neuquen province.
*The investment announcement followed a meeting between Economy Minister Sergio Massa and Chevron officials.
*The Trapial block covers an area of 109 square miles (283 square kilometers).
*The Vaca Muerta shale formation is the fourth-largest shale oil reserve and second-largest shale gas reserve in the globe.

According to the Argentine Economy Ministry, Chevron will invest more than $500 million to develop the Trapial block in the Vaca Muerta shale basin in the western Neuquen province. The investment decision was taken following a meeting between Economy Minister Sergio Massa and Chevron representatives. The spending strategy is expected to begin before July.

#Argentina to Get $500 Million Chevron Investment, Massa Says#ootthttps://t.co/1NxA55309E

— Giovanni Staunovo🛢 (@staunovo) June 10, 2023

Officials from Neuquen granted Chevron a concession for shale production in the region a year ago. Initially, the company planned to invest around $80 million in the first phase. Chevron will now increase its investment in the 283-square-kilometer (109-square-mile) Trapial tract.

The Vaca Muerta shale formation is the fourth-largest shale oil reserve and the second-largest shale gas reserve in the world. It is a significant source of both domestic energy and exports, establishing the South American country as a prominent player in the global energy market.

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