Market Chatter: Chevron Plans to Boost Argentina Oil Output With $13.8 Billion Investment

07:07 AM EDT, 10/23/2026 (MT Newswires) -- Chevron (CVX) plans to expand drilling in Argentina's Vaca Muerta shale formation to accelerate its goal of tripling its production in the country by 2035, Reuters reported Friday. The company plans to increase the number of drilling rigs at its El Trapial block, adding a second drilling rig in June 2027 and a third by early 2029, potentially accelerating its production target by one or two years, Chevron's Shale and Tight Oil President Gerbert Schoonman told Reuters. Chevron has submitted a $13.8 billion investment plan for El Trapial over 30 years and is seeking government approval, Reuters said, adding that the block currently produces 40,000 barrels of oil equivalent per day and is aiming for 195,000 barrels of oil equivalent per day by 2035. Reuters reported that Chevron expects additional rigs and more continuous drilling and fracking operations to improve efficiency and support production growth. Chevron did not immediately respond to MT Newswires' request for comment. (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)