Argentina says Chevron to invest $500 mln in Vaca Muerta shale area
Reuters
Fri, June 9, 2023 at 7:39 PM CDT·1 min read
June 9 (Reuters) - U.S.-based oil major Chevron will invest more than $500 million to develop the Trapial block in western Neuquen province, home to the massive Vaca Muerta shale basin, Argentina's economy ministry announced on Friday.
The announcement followed a meeting between Economy Minister Sergio Massa and company officials, according to a ministry statement. The new spending plan is scheduled to start before July, it added.
Last year, Neuquen officials granted Chevron a concession for shale production in the area, with what the company said at the time would be a pilot stage investment of about $80 million.
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The Vaca Muerta shale formation is the world's fourth-largest shale oil reserve and the second largest for shale gas. It represents a major source of both domestic energy and foreign exports for the South American country going forward.
More:
https://finance.yahoo.com/news/1-argentina-says-chevron-invest-003901373.html
Neuquen Province, Argentina
