Chevron to invest $500 million in Argentinian oil field

(Bloomberg) – Argentina and Chevron reached a deal where the oil company will invest up to $500 million in the El Trapial field in the Vaca Muerta deposit, Economy Minister Sergio Massa said on Twitter. Chevron will invest $300 million by next week, Massa said. The company could invest another $200 million this year depending on the advance...

U.S. to purchase 3 MMbbl for emergency reserve

(Bloomberg) – The Energy Department announced Friday it planned to purchase 3 million more barrels of crude oil for the Strategic Petroleum Reserve. A previous solicitation for about 3 MMbbl resulted in contracts awarded to five companies, with the oil being purchased for an average price of about $73 per bbl, according to a DOE statement....