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Chevron (CVX) Seeks Clearance for Namibian Offshore Drilling
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Chevron Corporation (CVX - Free Report) has submitted an application to Namibian regulatory authorities for an environmental clearance certificate, signaling the energy giant's intent to undertake oil and gas exploration activities in the Orange Basin offshore Namibia, as reported by Oil & Gas Journal on Tuesday.
According to the report, the application, if approved, would pave the way for Chevron to undertake exploration work in Petroleum Exploration License (PEL) 90, specifically on Block 2813B. Sintana Energy Inc., a key stakeholder in the venture through its investment in InterOil, announced on Nov 27 that the environmental clearance certificate would cover the drilling of up to five exploration wells and five appraisal wells.
The proposed commencement date for these activities is set for the fourth quarter of 2024.
The specific geographic focus of this endeavor is Block 2813B, which is governed by PEL 90 and situated in the Orange Basin offshore Namibia. CVX's strategic move into the Namibian offshore region aligns with broader industry trends, highlighting the potential for significant hydrocarbon discoveries.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Matador Resources sports a Zacks Rank #1 (Strong Buy), Liberty Energy and Oceaneering International carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
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Chevron (CVX) Seeks Clearance for Namibian Offshore Drilling
Chevron Corporation (CVX - Free Report) has submitted an application to Namibian regulatory authorities for an environmental clearance certificate, signaling the energy giant's intent to undertake oil and gas exploration activities in the Orange Basin offshore Namibia, as reported by Oil & Gas Journal on Tuesday.
According to the report, the application, if approved, would pave the way for Chevron to undertake exploration work in Petroleum Exploration License (PEL) 90, specifically on Block 2813B. Sintana Energy Inc., a key stakeholder in the venture through its investment in InterOil, announced on Nov 27 that the environmental clearance certificate would cover the drilling of up to five exploration wells and five appraisal wells.
The proposed commencement date for these activities is set for the fourth quarter of 2024.
The specific geographic focus of this endeavor is Block 2813B, which is governed by PEL 90 and situated in the Orange Basin offshore Namibia. CVX's strategic move into the Namibian offshore region aligns with broader industry trends, highlighting the potential for significant hydrocarbon discoveries.
Zacks Rank & Key Picks
Chevron currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Matador Resources sports a Zacks Rank #1 (Strong Buy), Liberty Energy and Oceaneering International carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.