Argentina to get US$500-million Chevron investment, Massa says

Chevron Corp will invest up to US$500 million to develop the El Trapial field in the Vaca Muerta deposit, Economy Minister Sergio Massa said late Friday.

Chevron will invest US$300 million by next week, Massa said on Twitter. The company could invest another US$200 million this year depending on the advances in the investment, he said.

Massa and Energy Secretary Flavia Royón met with Chevron’s Argentina executives at economy ministry offices, the ministry said in a separate statement.

Chevron, which operates the field in Neuquén Province, received guarantees from the government that the company will be able to sell abroad one-fifth of its hydrocarbons production at zero-percent export tax, if applicable.

Chevron executives said the investment will be disbursed before July, according to the ministry statement.