BUENOS AIRES, June 10. /TASS/. US oil producer Chevron is set to invest up to $500 million by the end of the year in the development of an oil and gas field in southern Argentina, the country’s Economy Minister Sergio Massa said on Friday.

"We have agreed with Chevron on new steps in the investment program. Next week they will transfer $300 million for the development of the El Trapial field," he said on Twitter.

Investments in the project could then rise to $500 million over the year, he said.

The Argentine Economy Ministry said the cabinet promised Chevron that its decree lifting the export duty on the sales of 20% of oil and gas production will be extended to cover the El Trapial project. The field is part of the Vaca Muerta shale hydrocarbon deposit, which was discovered by Repsol-YPF in the province of Neuquen in 2010. According to 2013 data, its reserves were estimated at 16 billion barrels of oil and 308 trillion cubic feet of shale gas.