The American energy company Chevron has decided to invest up to $500 million by the end of 2023 in the development of an oil and gas field in Argentina. This was announced on social networks by Sergio Massa, Minister of Economy of the South American country. transmits TASS.
“We have agreed with Chevron on new steps in the investment program. They will transfer $300 million next week for the development of the El Trapial field,” he said.
According to him, by the end of 2023, the total investment volume may reach 500 million dollars.
El Trapial is part of the Vaca Muerta shale field discovered in 2010 by Repsol-YPF in Neuquén province. According to preliminary estimates, the field’s reserves are approximately 16 billion barrels of oil and 308 trillion cubic feet of shale gas.
In early May, the Anglo-Dutch oil and gas company Shell, decided Finding a buyer for a stake in a disputed oil field off the Shetland Islands in northeast Scotland.
Mike Wirth, previously chairman of the board of directors of the American oil and gas company Chevron, said that ceiling prices for oil products from Russia created certain difficulties for energy markets.
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.