The company plans to spend about $1.24bn in the first phase to develop the Loma La Lata Norte and Loma Campaña areas.
The Loma La Lata field is currently producing about 10,000 barrels of oil-equivalent per day.
As part of the programme, Chevron will first drill about 100 wells in a 5,000-acre tract, which is part of a 96,000-acre concession.
Chevron vice chairman George Kirkland said the agreement will allow the company to take part in the Vaca Muerta, which is one of the significant oil and gas play in the world.
"It provides Chevron with a new opportunity to profitably grow production beyond our 2017 production target of 3.3 million barrels per day," Kirkland added.
