en.Wedoany.com Reported - U.S. oil company Chevron announced on Tuesday that it has submitted an application to Argentina's "Large Investment Incentive Scheme" (RIGI) to finance a non-conventional oil project in the "El Trapial" area of the Vaca Muerta region, valued at $13.8 billion. This would become one of the largest new projects in Argentina's shale zone.

The application is pending government approval, but it is the latest sign that global energy companies are planning long-term growth in the Vaca Muerta region, a key cornerstone for Argentina to boost exports and earn foreign exchange. Chevron said in a press release that it commends the Argentine government's progress in unlocking the country's "world-class" energy resources.

The administration of President Javier Milei has promoted RIGI as a tool to attract foreign investment into strategic sectors such as energy, mining, and infrastructure. Chevron believes that policy frameworks like RIGI are important initiatives for Argentina's energy industry, helping to improve regulatory predictability and encourage long-term investment decisions.

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