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Chevron (CVX) to Proceed With J-IC Project in Australia
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Chevron Corporation (CVX - Free Report) and partners decided to proceed with a $4-billion investment of the Jansz-Io compression (J-IC) project offshore Australia to keep customers in Asia supplied with gas for decades.
Notably, the project is an upgrade to the existing Gorgon development, one of the world's largest natural gas projects in Australia. Chevron Australia, a subsidiary of Chevron, is the operator with a 47.3% ownership interest in the Gorgon gas project. Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell Plc , each holds a 25% interest in the project, while Japan-based Osaka Gas, Tokyo Gas and JERA own the rest.
J-IC marks a major capital investment for the company in Australia, since the Gorgon Stage 2 project approval in 2018. Notably, the project’s goal is to utilize the low pressure reserves from the Jansz-Io field and maintain plateau production rates for the Gorgon facilities situated on the Barrow Island. The Jansz-Io field is located nearly 70 kilometres (km) northwest of the Gorgon gas field and 220 km off the north-west coast of Western Australia.
The project involves the manufacturing and installation of a 27,000-tonne floating Field Control Station, which will be normally unattended. Moreover, it involves the installation of nearly 6,500 tonnes of subsea compression infrastructure and a 135-km long underwater power cable that will be connected to the Barrow Island. Notably, the company expects the construction and installation works to complete in five years.
Chevron selected Aker Solutions to provide subsea compression technology for the project. The companies remain in discussions to finalize the contract. Following this, a declaration will be made. With the help of Aker’s subsea compression technology, J-IC is expected to maintain gas supply from the Jansz-Io field to the three existing year liquefied natural gas trains and domestic gas plant on the Barrow Island.
Notably, J-IC will maintain a significant source of clean-burning natural gas to customers and enable the sustainable energy transition in countries across the Asia Pacific region.
Company Profile & Price Performance
Headquartered in San Ramon, CA, Chevron is one of the largest publicly-traded oil and gas companies. It is fully integrated, with operations all over the world.
Shares of the company have underperformed the industry in the past six months. Its stock has gained 17.6% compared with the industry’s 19.7% growth.
Matador’s earnings for 2021 are expected to increase 22.8% year over year.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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Chevron (CVX) to Proceed With J-IC Project in Australia
Chevron Corporation (CVX - Free Report) and partners decided to proceed with a $4-billion investment of the Jansz-Io compression (J-IC) project offshore Australia to keep customers in Asia supplied with gas for decades.
Notably, the project is an upgrade to the existing Gorgon development, one of the world's largest natural gas projects in Australia. Chevron Australia, a subsidiary of Chevron, is the operator with a 47.3% ownership interest in the Gorgon gas project. Exxon Mobil Corporation (XOM - Free Report) and Royal Dutch Shell Plc , each holds a 25% interest in the project, while Japan-based Osaka Gas, Tokyo Gas and JERA own the rest.
J-IC marks a major capital investment for the company in Australia, since the Gorgon Stage 2 project approval in 2018. Notably, the project’s goal is to utilize the low pressure reserves from the Jansz-Io field and maintain plateau production rates for the Gorgon facilities situated on the Barrow Island. The Jansz-Io field is located nearly 70 kilometres (km) northwest of the Gorgon gas field and 220 km off the north-west coast of Western Australia.
The project involves the manufacturing and installation of a 27,000-tonne floating Field Control Station, which will be normally unattended. Moreover, it involves the installation of nearly 6,500 tonnes of subsea compression infrastructure and a 135-km long underwater power cable that will be connected to the Barrow Island. Notably, the company expects the construction and installation works to complete in five years.
Chevron selected Aker Solutions to provide subsea compression technology for the project. The companies remain in discussions to finalize the contract. Following this, a declaration will be made. With the help of Aker’s subsea compression technology, J-IC is expected to maintain gas supply from the Jansz-Io field to the three existing year liquefied natural gas trains and domestic gas plant on the Barrow Island.
Notably, J-IC will maintain a significant source of clean-burning natural gas to customers and enable the sustainable energy transition in countries across the Asia Pacific region.
Company Profile & Price Performance
Headquartered in San Ramon, CA, Chevron is one of the largest publicly-traded oil and gas companies. It is fully integrated, with operations all over the world.
Shares of the company have underperformed the industry in the past six months. Its stock has gained 17.6% compared with the industry’s 19.7% growth.
Zacks Rank & Stocks to Consider
The company currently has a Zack Rank #3 (Hold).
One better-ranked player in the energy space is Matador Resources Company (MTDR - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador’s earnings for 2021 are expected to increase 22.8% year over year.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>