Chevron has formally applied under Argentina’s Large Investment Incentive Regime to invest $13.8 billion in the El Trapial block of the Vaca Muerta shale formation in Neuquén province. The project ranks among the largest foreign direct investments in Argentina’s history and is being seen by officials as an early test of the country’s new pro-investment framework. If approved, it would significantly expand unconventional oil output and deepen US energy sector involvement in Argentina’s upstream development.