Chevron to invest $500M in Argentine shale development

American oil company Chevron will invest more than $500 million to develop production in Argentina's western province of Neuquen, Minister of Economy of Argentina, Sergio Massa said.

Report informs via Reuters that the province of Neuquen is home to the country's largest shale deposit, Vaca Muerta. According to the prepared plan, the first investments are planned before July, Massa said.

Neuquen's local government granted Chevron permission to mine shale in the province in 2022. Initially, the company assumed that the project would require an investment of $80 million.