Ali Moshiri, head of business development for Latin America and Africa, told a business summit in Buenos Aires that such a major investment in Argentina was a unique opportunity for his country in the region.
"We are betting on shale in Argentina," he was quoted by the Platts news service as saying. "It is a risk we are going to take."
Energy group Wood Mackenzie described the Vaca Muerta region as one of the best shale plays in the world. The U.S. Energy Department's Energy Information Agency ranked Argentina third in the world in terms of shale resources.
Platts reports that Chevron produces roughly 5 percent of the oil and slightly less than 1 percent of the natural gas in Argentina.
"I believe that Argentina can become an exporter of natural gas and position itself as a leader in shale in Latin America," said Moshiri.