Venezuela to Expand Oil Production Land for Chevron and Repsol Amid U.S. Push
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2 days ago
0mins
Should l Buy CVX?
Source: seekingalpha
- Expansion of Oil Production Licenses: Venezuela plans to grant more exploration and production blocks to Chevron and Repsol as early as this week, aiming to rebuild its energy sector and indicating a willingness to engage foreign investment.
- Chevron's Production Potential: Chevron's joint venture has been operational since 2010, currently producing around 40,000 barrels per day, with claims of potential output reaching 300,000 barrels per day, which would significantly enhance its competitiveness in the global market.
- U.S. Energy Cooperation: The U.S. Secretary of Energy toured Chevron's project in Venezuela's Orinoco oil belt, highlighting opportunities for cooperation between the two countries, reflecting the U.S. government's support for private companies in Venezuela's energy reconstruction.
- Repsol's Market Challenges: While Repsol holds interests in various blocks, it lost its authorization to produce crude last year, facing greater market challenges that illustrate the impact of U.S. sanctions on foreign enterprises.
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Analyst Views on CVX
Wall Street analysts forecast CVX stock price to fall
19 Analyst Rating
15 Buy
4 Hold
0 Sell
Strong Buy
Current: 182.400
Low
158.00
Averages
176.95
High
206.00
Current: 182.400
Low
158.00
Averages
176.95
High
206.00
About CVX
Chevron Corporation is an integrated energy company. The Company produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance its business and industry. The Company’s segments include Upstream and Downstream. Upstream operations consist primarily of exploring for, developing, producing and transporting crude oil and natural gas; liquefaction, transportation and regasification associated with LNG; transporting crude oil by major international oil export pipelines; processing, transporting, storage and marketing of natural gas; carbon capture and storage; and a gas-to-liquids plant. Downstream operations consist primarily of the refining of crude oil into petroleum products; marketing crude oil, refined products, and lubricants; manufacturing and marketing of renewable fuels, and transporting of crude oil and refined products by pipeline, marine vessel, motor equipment and rail car.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Business Development Potential: This investment will enable Bangchak to further develop its overseas fuel retail business, expand into a fully integrated marine fuels business, enhance its customer base, and strengthen energy logistics capabilities, thereby creating new long-term growth opportunities.
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