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Shell (SHEL) Makes Oil Discovery off the Coast of Namibia
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Shell plc (SHEL - Free Report) , headquartered in the United Kingdom, made another oil discovery in an exploratory well offshore Namibia. It deployed Northern Ocean's Deepsea Bollsta semi-submersible drilling rig for the same. This is Shell’s third oil strike in Namibia since February 2022. The light oil discovery was made in the Jonker-1X deepwater exploration well in the PEL-39 exploration license, situated 270 kilometers off the coast of Namibia. The well was drilled to a depth of 6,168 meters in water, which was 2,210 meters deep.
The three companies — the National Petroleum Company of Namibia (NAMCOR), Qatar Energy and Shell —make up the consortium that holds the PEL-39 exploration license. Shell is the operator and holds a 45% stake. The license is situated approximately 250 miles offshore and encompasses 12,000 square kilometers. Drilling operations began in December 2022 and ended in early March 2023. According to Qatar Energy, the gathered data is being assessed, and more evaluation is under process to ascertain the extent and recoverable potential of the discovery.
Dennis Zekveld, country chair for Shell Namibia, said the news was positive and that the drilling had been done in a secure manner. He added that the discovery once again established the joint venture's strong commitment to expanding oil and gas development in Namibia, and to advancing follow-up prospects after last year's finds.
Some better-ranked stocks for investors interested in the energy space include CVR Energy (CVI - Free Report) sporting a Zacks Rank #1 and Murphy USA Inc. (MUSA - Free Report) , PBF Energy (PBF - Free Report) both carrying a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2024.
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Shell (SHEL) Makes Oil Discovery off the Coast of Namibia
Shell plc (SHEL - Free Report) , headquartered in the United Kingdom, made another oil discovery in an exploratory well offshore Namibia. It deployed Northern Ocean's Deepsea Bollsta semi-submersible drilling rig for the same. This is Shell’s third oil strike in Namibia since February 2022. The light oil discovery was made in the Jonker-1X deepwater exploration well in the PEL-39 exploration license, situated 270 kilometers off the coast of Namibia. The well was drilled to a depth of 6,168 meters in water, which was 2,210 meters deep.
The three companies — the National Petroleum Company of Namibia (NAMCOR), Qatar Energy and Shell —make up the consortium that holds the PEL-39 exploration license. Shell is the operator and holds a 45% stake. The license is situated approximately 250 miles offshore and encompasses 12,000 square kilometers. Drilling operations began in December 2022 and ended in early March 2023. According to Qatar Energy, the gathered data is being assessed, and more evaluation is under process to ascertain the extent and recoverable potential of the discovery.
Dennis Zekveld, country chair for Shell Namibia, said the news was positive and that the drilling had been done in a secure manner. He added that the discovery once again established the joint venture's strong commitment to expanding oil and gas development in Namibia, and to advancing follow-up prospects after last year's finds.
Zacks Rank & Key Picks
Currently, Shell carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space include CVR Energy (CVI - Free Report) sporting a Zacks Rank #1 and Murphy USA Inc. (MUSA - Free Report) , PBF Energy (PBF - Free Report) both carrying a Zacks Rank #2 (Buy).
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023 and 2024.
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2024.