Chevron's CEO, Michael Wirth, praised Javier Milei, whom he called a 'reformer' with a 'serious agenda' for his economic approach in Argentina. During a conference with investors following the company's 2024 results presentation, Wirth expressed optimism about the potential of Vaca Muerta, where Chevron has been a pioneer and now has two major unconventional oil production projects.
According to Wirth, Milei aims to make Argentina a more attractive destination for foreign investment, highlighting the reduction of inflation and the stabilization of the banking system as positive indicators. He also expressed interest in joining the Vaca Muerta Sur project, a pipeline that will connect Neuquén with a deep-water port in Río Negro.
'Wirth noted that inflation has significantly decreased and that there is progress toward the elimination of capital controls,' La Mañana de Neuquén reported. Despite this, he pointed out that they are closely monitoring to see if the reforms in Argentina appear to be durable and stable. Chevron, with a strong presence in Vaca Muerta, has investments in Loma Campana (in partnership with YPF) and El Trapial.
'Wirth indicated that the geology of these areas works very well and that despite the moderate pace in previous years, an uptick in activity is expected,' the executive highlighted. With an investment of $2.5 billion led by YPF, promising development is anticipated in the region.
