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Chevron Sails to Liberian Waters
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ShareChevron Corporation (CVX - Analyst Report) entered into an exploration deal with Liberia. Under the terms of the agreement, the company will explore three deepwater blocks for oil and gas off the country's coast.
The exploratory work will be a three-year program, which is expected to begin in the fourth quarter 2010. Although the Executive Mansion (official government site of Liberia ) has approved the agreement, the company is yet to receive approval from the Legislature.
With this deal, the Liberian government expects to move a step ahead in strengthening the oil and gas industry of the country. The government remains upbeat about Chevron’s entry into the oil and gas sector, contributing to an overall economic development in Liberia .
As Liberia slowly recovers from the after effects of a prolonged military violence, international oil companies are gradually venturing into contracts to explore and produce oil from offshore Liberia and other areas in West Africa.
We believe that Chevron’s upgraded technology, operational efficiency and recent exploration achievements will drive this project to success.
California-based Chevron Corporation is one of the largest publicly traded oil and gas companies in the world and is engaged in every aspect of the oil and gas industry, including exploration and production; refining, marketing and transportation; chemicals manufacturing and sales and power generation.
We have a positive outlook for the company, given an impressive portfolio of new development projects, a track record of solid operating performance and expectations for improvements in proved reserves, going forward.
However, upside may be limited given the reduced demand for petroleum-based refined products and international business risks.
We have a Zacks Rank of #3 (short-term Hold recommendation) on Chevron. We also reiterate our long-term Neutral rating.
Read the full analyst report on CVX
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