Chevron seeks approval for $13.8 bn plan and adds rigs to accelerate Argentina output
Chevron announced it will request government clearance for a 30‑year, $13.8 billion investment in its El Trapial field in Vaca Muerta. The company intends to increase the number of drilling rigs at the block from one to three by early 2029, which could move up its goal of tripling Argentine production to 195,000 boe/d by 2035. Executives said the additional rigs, slated for June 2027 and early 2029, should shave one to two years off the timeline. The plan also includes expanding facilities and leveraging Chevron’s stake in a new export pipeline.
Why it matters
The approval would lock in a multi‑decade capital outlay that could boost Chevron’s Argentine output ahead of schedule, potentially increasing its global production profile. Investors should watch for regulatory response, as approval would enable the rig expansion and associated revenue growth.
Key facts
- 1Chevron is asking Argentine authorities to endorse a $13.8 billion investment plan for the El Trapial block over 30 years. investing.com
- 2The company plans to raise the rig count at El Trapial from a single unit to three by early 2029. marketscreener.com
- 3A second rig is expected to arrive in June 2027, with a third arriving around early 2029. pgjonline.com
- 4Chevron previously targeted a production level of 195,000 boe/d across Argentina by 2035, a three‑fold increase from current levels. investing.com
- 5El Trapial currently produces about 40,000 boe/d and Chevron holds a 50 % interest in the YPF‑operated Loma Campana and Narambuena blocks. pgjonline.com
- 6Chevron also owns a stake in the planned Vaca Muerta Oil Sur export pipeline. pgjonline.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.