Argentina's state-run energy company YPF is seeking government approval for incentives tied to a planned $25 billion oil development that could sharply boost exports from the country's Vaca Muerta shale region, Bloomberg reported on Friday.

Chief Executive Officer Horacio Marin said the company applied to join Argentina's RIGI incentive program, which offers tax breaks and legal protections for large investments.

YPF said the 15-year "LLL Oil" project would include more than 1,100 wells and target production of 240,000 barrels per day by 2032, with all output intended for export. Annual exports could eventually reach about $6 billion, according to the company.

Bloomberg reported the project would be the largest investment announced since President Javier Milei took office and would likely require financing from international banks and partners.

The development could further accelerate growth in the Vaca Muerta shale basin, one of the world's largest unconventional oil reserves.