Chevron explores adding Argentine LNG to its global portfolio

Chevron is analyzing how to incorporate Argentina into its international liquefied natural gas (LNG) supply strategy, with Vaca Muerta as a focus of interest. The company has not yet closed specific projects or agreements to develop that business in the country.

The analysis follows the oil company's submission of a proposed investment of $13.8 billion to develop El Trapial, in Vaca Muerta, under the Large Investment Incentive Regime (RIGI). Chevron has operated in Argentina since 1999 and has accumulated investments exceeding $10 billion.

Its main local asset is Loma Campana, developed jointly with YPF under an agreement signed in 2013. The field produces approximately 100,000 barrels per day and Chevron holds a 50% stake. Additionally, the company operates El Trapial, producing around 7,000 barrels per day, and conducts exploration activities in Narambuena and Loma del Molle.

The company expects to achieve a global LNG supply capacity of approximately 20 million tons annually, combining its own production and supply contracts. In that framework, it evaluates each initiative based on economic, fiscal, regulatory, and geopolitical conditions, while competing for capital with projects in other regions and its expansion in Venezuela.

The interest is linked to the need to diversify gas sources in an international market affected by conflicts and increased volatility. For Chevron, long-term contracts and a variety of suppliers have gained relevance against exposure to the spot market.

Argentina already has several projects aimed at LNG exports. Argentina LNG, led by YPF, Eni, and XRG, targets an initial capacity of 12 million tons annually with final investment decisions expected in the fourth quarter of 2026. Southern Energy is developing an initiative in Río Negro with a capacity of approximately 6 million tons annually, while LNG del Plata, promoted by Camuzzi, aims for a smaller scale.