Chevron Argentina, a subsidiary of US-based oil multinational Chevron, has announced plans to invest $500m (125.94bn pesos) to develop the El Trapial block in Neuquen, a province in central Argentina. The initial three-year stage involves $65.7m to drill, complete and commission five horizontal wells of between 2,500m and 3,000m and 38 to 46 frack stages each.

The company will also invest $13m in infrastructure, and plans to commence the investment at the 283km² El Trapial block before the end of July 2023.

Chevron Argentina is the eighth-largest producer of oil in the country, and the company is exploring for unconventional oil and gas resources in the Vaca Muerta Shale area of the country.