LatinNews Daily - 12 June 2023

In brief: Argentina announces new Chevron investment in Vaca Muerta

* Argentina’s economy ministry has announced that the US oil company Chevron will invest over US$500m in the development of the Vaca Muerta shale basin in Neuquén province. The announcement followed a meeting between Chevron representatives, Economy Minister Sergio Massa, and Energy Secretary Flavia Royón. According to an economy ministry statement, Chevron, which produces crude oil and natural gas in Argentina through its wholly owned subsidiary Chevron Argentina S.R.L. committed to “bring forwards an investment of over US$500m for the development of the El Trapial area, Neuquén province”. The statement said that the investment will begin before July. According to the US oil firm, Chevron Argentina S.R.L. is the eighth-largest producer of oil in Argentina, with concessions in the Neuquén basin.

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