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Shell (SHEL) to Sell Its Masela Stake to Pertamina and Petronas
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Shell plc’s(SHEL - Free Report) stake in Indonesia's Masela gas project is set to be taken over by state energy firms Pertamina and Petronas, per Indonesia’s energy minister Arifin Tasrif. According to media reports, Tasrif divulged the news on the sidelines of the Energy Asia conference, which was held by Petronas in Kuala Lumpur.
Authorities in Indonesia are eager for the firms to conclude the sale so that the project may proceed after years of delay. Shell has also been trying to offload its 35% interest in Masela.
Indonesia has experienced slow oil and gas production in recent years due to diminishing blocks. Several important new projects like Masela and Indonesia Deepwater Development have been delayed as companies like Shell and Chevron Corp exited projects as part of their global strategy.
Even as nations throughout the world switch to non-fossil fuels to reduce emissions, Indonesia has a limited amount of time to exploit its enormous hydrocarbon reserves.
According to Arifin, Pertamina and Petronas are preparing for a sales agreement with Shell. He expressed hope that a transaction will be finalized within a month. The CEO of Pertamina stated earlier this month that a project contract for Masela was nearing completion.
Zacks Rank & Key Picks
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations across the world. Currently, Shell carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation (EPM - Free Report) , NGL Energy Partners LP (NGL - Free Report) and RGC Resources Inc. (RGCO - Free Report) . Evolution Petroleum currently sports a Zacks Rank #1 (Strong Buy), and NGL Energy Partners and RGC Resources carry a Zacks Rank #2 (Buy). 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 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 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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Shell (SHEL) to Sell Its Masela Stake to Pertamina and Petronas
Shell plc’s (SHEL - Free Report) stake in Indonesia's Masela gas project is set to be taken over by state energy firms Pertamina and Petronas, per Indonesia’s energy minister Arifin Tasrif. According to media reports, Tasrif divulged the news on the sidelines of the Energy Asia conference, which was held by Petronas in Kuala Lumpur.
Authorities in Indonesia are eager for the firms to conclude the sale so that the project may proceed after years of delay. Shell has also been trying to offload its 35% interest in Masela.
Indonesia has experienced slow oil and gas production in recent years due to diminishing blocks. Several important new projects like Masela and Indonesia Deepwater Development have been delayed as companies like Shell and Chevron Corp exited projects as part of their global strategy.
Even as nations throughout the world switch to non-fossil fuels to reduce emissions, Indonesia has a limited amount of time to exploit its enormous hydrocarbon reserves.
According to Arifin, Pertamina and Petronas are preparing for a sales agreement with Shell. He expressed hope that a transaction will be finalized within a month. The CEO of Pertamina stated earlier this month that a project contract for Masela was nearing completion.
Zacks Rank & Key Picks
Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations across the world. Currently, Shell carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation (EPM - Free Report) , NGL Energy Partners LP (NGL - Free Report) and RGC Resources Inc. (RGCO - Free Report) . Evolution Petroleum currently sports a Zacks Rank #1 (Strong Buy), and NGL Energy Partners and RGC Resources carry a Zacks Rank #2 (Buy). 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 60 days.
NGL Energy Partners, headquartered in Tulsa, OK, is a limited partnership operating a vertically-integrated propane business with three operating segments — retail propane, wholesale supply and marketing, and midstream. NGL has witnessed an upward earnings estimate revision for 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.