Chevron acquired 100% of Petrolera Argentina San Jorge in September 1999. Currently, the majority of Chevron San Jorge's assets are in the prolific Neuquen Basin in central Argentina where we own and operate a number of important fields. Crude oil produced from the basin is called Medanito (when directed east toward the Atlantic) and Rincon (when directed west to the Pacific). Both Medanito and Rincon are almost identical light, sweet crude oils. Total basin production is approximately 260 thousand barrels per day of which Chevron markets 70 thousand barrels per day.

In 2004, commercial production is due to start from the Hamaca field in Venezuela's Orinoco tar belt, a joint venture operation of which Chevron has a 30% share. Chevron has also acquired a number of development blocks in Brazilian waters.