Chevron files to join Argentina’s RIGI incentive program for $13.8 billion Vaca Muerta development

Chevron has taken another step toward expanding its unconventional oil footprint in Argentina by seeking approval to participate in the country’s Large Investment Incentive Regime, known by its Spanish acronym RIGI. The filing centers on an estimated $13.8 billion project in the El Trapial area of the Vaca Muerta shale formation, where Chevron operates through its Argentina subsidiary.

According to reporting that referenced Chevron’s disclosure, the company confirmed it submitted the RIGI application on Tuesday. The incentive regime is designed to provide regulatory predictability and financial benefits to large-scale investments, but participation depends on approval by the Argentine government. Chevron said in comments reported by industry media that its application had not yet been approved.

The proposed development is described as an upstream (oil and gas production) project targeting unconventional resources, a category that typically requires specialized drilling and stimulation technologies, such as hydraulic fracturing, to produce hydrocarbons from shale. Chevron’s plan would rank among the largest new investments in Argentina’s shale sector if approved, the reports said, tying the timing of the project to the government’s review of RIGI applications.

Chevron’s position in Vaca Muerta is rooted in the El Trapial region. Reporting cited that Chevron Argentina’s operations in El Trapial date back to 1999 and that the company has a defined footprint that includes both conventional and unconventional resource areas. One account described Chevron Argentina holding two blocks under a 35-year concession awarded in 2022 by the Neuquén province for unconventional development in El Trapial East, with full ownership and operational control of the two blocks involved, spanning 111,000 net acres.

Separately, Chevron also holds interests in other concessions in the broader Neuquén basin, where Vaca Muerta sits. One report described Chevron as a non-operated partner with a 50% interest in the Loma Campana and Narambuena concessions, reflecting a mix of operated and partnered exposure to the region’s shale inventory. Together, the company’s approach underscores that Chevron has positioned itself to scale selectively as Argentina builds out its export and infrastructure capabilities for shale production.

Argentina’s push to grow Vaca Muerta output has been linked to the country’s broader economic goals, including increasing energy exports and strengthening foreign-currency earnings. Industry coverage of Chevron’s filing said Vaca Muerta is internationally known for major shale oil and gas resources and has become a key pillar of Argentina’s efforts to attract foreign investment and accelerate development.

For Chevron, a successful RIGI entry could help reduce certain uncertainties that often surround long-lead upstream projects in emerging markets, where changes in tax, regulation, or incentive terms can affect project economics. Chevron’s public comments tied the incentive framework to long-term investment decision-making, according to the reported quotation that accompanied the filing.