en.Wedoany.com Reported - U.S. energy company Chevron has submitted an application to develop a $13.8 billion unconventional oil project at El Trapial in Argentina's Vaca Muerta region. This would be one of the latest major foreign bets on the country's shale oil and gas block.

Chevron's application joins the Large Investment Incentive Scheme (RIGI) launched by the Argentine government. The scheme aims to attract foreign investment into strategic sectors such as energy, mining, and infrastructure, and is promoted as a key policy tool by the government led by President Javier Milei. Vaca Muerta is one of the world's largest shale oil and gas reserves and a cornerstone of Argentina's hopes to boost exports and earn hard currency.

In a statement, Chevron said it appreciates the substantial progress made by the Argentine government in unlocking the country's world-class energy resources. Chevron added that frameworks like RIGI, which help enhance regulatory predictability and incentivize long-term investment decisions, are important steps for the development of Argentina's energy industry.

The investment application is subject to government approval but indicates that global energy companies are positioning for long-term growth in Vaca Muerta.

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