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Chevron Corporation (CVX) - free report >>
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Chevron Corporation (CVX) - free report >>
Global Partners LP (GLP) - free report >>
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Chevron's (CVX) Aphrodite Field Development Plan Gets Rejected
Chevron Corporation (CVX - Free Report) )-led consortium’s plan to develop Cyprus' Aphrodite gas field got rejected by the government, according to a Bloomberg News report, citing energy minister Giorgos Papanastasiou.
The parties involved could begin discussions in order to reach an agreement within the next 30 days, the minister told Bloomberg, without commenting on why Chevron's offer was turned down. A fresh round of talks began on Aug 25, Friday.
Chevron, along with Shell Plc (SHEL - Free Report) and Israel's Newmed Energy LP, had submitted an updated plan in May for the Cypriot government’s approval that was aimed at using a subsea pipeline to link the gas field to an existing processing facility in Egypt. Chevron and partners have the drilling rights in the offshore Aphrodite field. While NewMed has a 30% stake in the field, located about 170 km from Limassol, Chevron and Shell hold a 35% share each.
The Aphrodite field, which was discovered more than a decade ago in the eastern Mediterranean, is anticipated to hold 4.4 trillion cubic feet of untapped gas and is located near the Leviathan field, which is managed jointly by Chevron and NewMed, off the coast of Israel.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #3 (Hold).
A couple of better-ranked players in the energy sector are USA Compression Partners, LP (USAC - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Global Partners (GLP - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 30 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2024 in the past 30 days.