Argentina
highlights of operations
Chevron produces crude oil and natural gas in Argentina through our wholly owned subsidiary Chevron Argentina S.R.L.
Chevron Argentina S.R.L. is the eighth-largest producer of oil in the country, with concessions in the Neuquén Basin. Expanded waterflood operations are sustaining oil output at the El Trapial Field, and the company is exploring for unconventional oil and gas resources in the Vaca Muerta Shale.
In 2014, Chevron announced agreements to continue development, through another subsidiary, of shale oil and gas resources at the Loma Campana Field in the Vaca Muerta formation in Neuquén province. Also in 2014, Chevron affiliates signed agreements to join an exploration project for shale oil in the Narambuena Block in the Chihuido de la Sierra Negra concession, which is also in the Vaca Muerta Shale. Both are operated by YPF, an Argentine energy company.
Chevron Argentina supports social investment programs that promote education, health and economic development in the communities where the company operates.
business portfolio
exploration and production
During 2020, net daily production in Argentina averaged 21,000 barrels of crude oil and 24 million cubic feet of natural gas.
Chevron Argentina S.R.L. holds a 100 percent-owned and operated interest in the El Trapial concession, which covers 111,000 net acres (450 sq km). The concession has both conventional production potential and Vaca Muerta Shale potential.
In addition, Chevron holds a 50 percent nonoperated interest in the Loma Campana and Narambuena concessions covering 73,000 net acres (295 sq km) in the thick, laterally extensive, liquids-rich Vaca Muerta Shale.
Loma Campana
Nonoperated development activities continued in 2020 on the Loma Campana concession in the Vaca Muerta Shale, with four rigs. Seventeen horizontal wells were drilled in 2020.
El Trapial
The company uses waterflood operations to mitigate declines at the operated El Trapial Field and continues to evaluate the potential of the Vaca Muerta Shale with an eight-well appraisal program. Drilling activity completed in third quarter 2020, and first oil was achieved in October 2020.
Evaluation of the nonoperated Narambuena Block continued with a four-well appraisal program in 2020, with first oil achieved in November 2020.
Exploration
As of early 2021, Chevron was awaiting government approval on an exploration license for the 90 percent-owned and operated Loma del Molle Norte Block, consisting of 43,000 net acres (174 sq km) adjacent to the El Trapial concession.
pipeline in the neuquén basin
Another Chevron affiliate holds a 14 percent interest in Oleoductos del Valle S.A., a pipeline system that transports crude oil from the Neuquén Basin in western Argentina to the Buenos Aires area.
business support
A Chevron Shared Services Center operates in Buenos Aires. The center provides accounting services and information technology support for many of Chevron’s affiliates in Latin America, the United Kingdom and the United States.
in the community
Chevron Argentina partners with local leaders, nongovernmental organizations and other entities to help communities in the areas where we operate. The company supports health, education and economic development programs.
health
In 2017, Chevron Argentina continued its partnership with the Baylor College of Medicine International Pediatric AIDS Initiative at Texas Children’s Hospital and the Health Ministry of Neuquén province to provide maternal-child health care in Añelo.
education
For more than 10 years, we have sponsored Rural School 173 Ruca Quimpen in Huantraico, near the El Trapial Field, with building maintenance, food and fuel supplies. In 2017, we contributed to building the school’s new library.
In Rincon de los Sauces, we have contributed to the construction of the city’s Paleontological Center, which will serve as a museum and an educational center.
We are also one of the main supporters of the Instituto Tecnológico de Buenos Aires, where we have developed a scholarship program for petroleum engineering students.
economic development
Chevron Argentina partners with Fundación Otras Voces (Other Voices Foundation) in support of the Entrepreneurs in Action program. This initiative provides training and support for women from underprivileged neighborhoods in Neuquén city who have small businesses that offer services such as cooking and sewing.
joining our partners
Chevron affiliates also work with the YPF Foundation, which supports programs in education, environment, health care, culture and community development in Añelo. The programs are selected by the foundation, the Neuquén province government and local communities. They have included infrastructure projects such as construction of a solid waste treatment facility, water supply facilities for schools, and expansion of a convention center.
record of achievement
Chevron began selling automotive fuels in Argentina in the first half of the 20th century and started exploring for oil in the 1980s. After the deregulation of the oil and gas market in 1989, Chevron affiliates expanded exploration, production and marketing operations.
In 1999, Chevron increased its presence in Argentina with the purchase of Petrolera Argentina San Jorge S.A., a company with a history of successful exploration in the Neuquén Basin.
We are a significant partner in the nation’s economy. Oil production in Argentina is an important source of employment and generates revenue for the federal and provincial governments.
Chevron employees demonstrate a strong commitment to high-quality work and safe operations. The Argentina Oil and Gas Institute recognized Chevron in 2016 with its annual Safety Award for our outstanding safety performance, an award the company also received in 2011.
The Superintendent of Occupational Risks has recognized Chevron Argentina for achieving work environment standards that meet and surpass those required by law.
In 2014, the city of Rincón de los Sauces, near Chevron Argentina’s El Trapial Field, recognized the company for its commitment to improving the quality of life of the city’s citizens.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This website contains forward-looking statements relating to Chevron’s operations that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this website. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company's ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to pay future dividends; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this website could also have material adverse effects on forward-looking statements.
For the latest figures, view the 2022 Supplement to the Annual Report.
downloads
- 2022 Annual Report pdf opens in new window
- 2022 Corporate Sustainability Report pdf opens in new window
- The Chevron Way – English pdf opens in new window
related videos
- Chevron’s Business in Latin America video opens in new window
- Chevron's Business in Latin America - Spanish video opens in new window
- The Loma Campana Project video opens in new window
- Chevron Invests in Economic Development in Argentina video opens in new window
- Chevron Invests in Education in Argentina video opens in new window
- Chevron Invests in Improving Health in Argentina video opens in new window