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Chevron (CVX) Aims $500M Investment in Shale Basin, Argentina
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Chevron Corporation (CVX - Free Report) plans to invest more than $500 million to develop the 283-square-kilometer El Trapial block in the Neuquen province in Argentina, which contains the enormous Vaca Muerta shale basin.
The announcement followed the meeting between Sergio Massa, the economy minister for Argentina, and the company officials. The investment is expected to begin before July, per media reports.
Last year, Chevron received a concession from Neuquen officials for shale extraction in the region, with what the company claimed would be an initial expenditure of roughly $80 million.
CVX produces crude oil and natural gas in Argentina through its wholly-owned subsidiary, Chevron Argentina SRL. The subsidiary is working to uncover unconventional oil and gas resources in the Vaca Muerta shale formation, which is estimated to be the fourth-largest shale oil reserve in the world.
In recent months, oil companies with operations in the formation have been increasing output from Vaca Muerta. Officials believe that this will eventually help meet the country's persistent energy deficit.
The national government, through the Ministry of Economy, promised to include the Trapial in decree 929/2013, which grants the right to freely market 20% of the liquid and gaseous hydrocarbons produced in the projects reached in the foreign market, with a 0% export duties rate.
Zacks Rank & Key Picks
Currently, Chevron carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation (EPM - Free Report) , Eni SpA (E - Free Report) and RGC Resources Inc. (RGCO - Free Report) . While both Evolution Petroleum and Eni SpA sport a Zacks Rank #1 (Strong Buy), RGC Resources carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
Eni SpA is a leading integrated energy major, which operates primarily through three business segments —Exploration & Production, Gas & Power, and Refining & Marketing and Chemicals. E has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
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Chevron (CVX) Aims $500M Investment in Shale Basin, Argentina
Chevron Corporation (CVX - Free Report) plans to invest more than $500 million to develop the 283-square-kilometer El Trapial block in the Neuquen province in Argentina, which contains the enormous Vaca Muerta shale basin.
The announcement followed the meeting between Sergio Massa, the economy minister for Argentina, and the company officials. The investment is expected to begin before July, per media reports.
Last year, Chevron received a concession from Neuquen officials for shale extraction in the region, with what the company claimed would be an initial expenditure of roughly $80 million.
CVX produces crude oil and natural gas in Argentina through its wholly-owned subsidiary, Chevron Argentina SRL. The subsidiary is working to uncover unconventional oil and gas resources in the Vaca Muerta shale formation, which is estimated to be the fourth-largest shale oil reserve in the world.
In recent months, oil companies with operations in the formation have been increasing output from Vaca Muerta. Officials believe that this will eventually help meet the country's persistent energy deficit.
The national government, through the Ministry of Economy, promised to include the Trapial in decree 929/2013, which grants the right to freely market 20% of the liquid and gaseous hydrocarbons produced in the projects reached in the foreign market, with a 0% export duties rate.
Zacks Rank & Key Picks
Currently, Chevron carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation (EPM - Free Report) , Eni SpA (E - Free Report) and RGC Resources Inc. (RGCO - Free Report) . While both Evolution Petroleum and Eni SpA sport a Zacks Rank #1 (Strong Buy), RGC Resources carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
Eni SpA is a leading integrated energy major, which operates primarily through three business segments —Exploration & Production, Gas & Power, and Refining & Marketing and Chemicals. E has witnessed an upward earnings estimate revision for 2023 and 2024, in the past 30 days.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries —Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.