Chevron Eyes Argentina’s Vaca Muerta for Shale Expansion Amid Global Investment Competition
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Chevron is advancing plans to scale up its drilling activities in Argentina’s Vaca Muerta shale deposit, leveraging technical strategies developed in the U.S. Permian Basin. The energy major is currently assessing a proposed $13.8 billion, 30-year investment aimed at boosting output and enhancing long-term operational efficiency, pending approval from the Argentine government.
Company executives revealed to Reuters that Chevron intends to expand its active rig count at the El Trapial site from one to three by early 2029. While previous targets aimed to triple total Argentine production to roughly 195,000 barrels of oil equivalent per day (boed) by 2035, management indicates that operational refinements and extra equipment may speed up this schedule.
El Trapial presently generates around 40,000 boed. Outside of this direct operation, Chevron maintains a 50% stake in the YPF-operated Loma Campana and Narambuena blocks.
The company’s planned expansion coincides with broader momentum in Vaca Muerta—a world-class shale resource—as Argentina seeks foreign capital to scale up energy exports. Industry analyst Wood Mackenzie projects the nation’s total output will reach about
