Chevron, the U.S.-based oil company, will start a $500 investment to develop the Trapial block before July in western Neuquen province, Argentina’s economy ministry announced after a meeting between Economy Minister Sergio Massa and company officials, Reuters added.

Trapial is a 109-square-mile (283-square-kilometer) block.

The Vaca Muerta shale formation contains the second-largest shale gas deposit and the fourth-largest shale oil reserve in the world. In the future, it will be a significant source of both local energy and exports to other countries for the South American nation.