02/10/2014 12:38:52 Free Membership Login

Shell, Chevron in Ukraine Tie-Up - Analyst Blog

Date : 05/14/2012 @ 9:30AM
Source : Zacks
Stock : Eni S.P.A. (E)
Quote : 45.3447  0.3447 (0.77%) @ 12:23PM
Eni S.P.A. share price Chart

Shell, Chevron in Ukraine Tie-Up - Analyst Blog

Two energy behemoths Royal Dutch Shell plc (RDS.A) and Chevron Corporation (CVX) have been awarded the exploration rights for two shale gas fields – Yuzivske and Oleske – in Ukraine. The total investment for the project is projected to be around $170 million for the Oleske field and $200 million for Yuzivske, totaling $370 million.

Per the reports of the Ukrainian state geological service, the Oleske field that spans over 2,316.6 square miles is estimated to hold about 3 trillion cubic meters of conventional and unconventional, as well as condensed gas deposits. The other field Yuzivske is likely to have a reserve of 4 trillion cubic meters of gas.

Together the fields, where industrial extraction of gas is expected to begin in 2018-2019, will contribute up to Ukraine’s 10% domestically consumed natural gas by 2020.

Apart from Shell, Exxon Mobil Corp. (XOM), and TNK-BP had also forwarded their bids for the development of the eastern Ukraine located Yuzivske field. To obtain rights to set up gas production at Oleske, Lviv region, Chevron edged out the other bidder Eni SpA (E).

This move highlights Ukraine’s attempt to capitalize on the booming shale gas scenario and develop its large untapped resource of shale gas. The establishment of a strong domestic gas industry will also minimize the country’s dependence on Russia.

San Ramon, California-based Chevron is engaged in global oil and gas exploration and production, refining and marketing of petroleum products, manufacturing of chemicals, and other energy-related businesses.

The Royal Dutch Shell plc owns one of the largest integrated oil and gas businesses in the world. The group has operations all over the world and is involved in various activities related to oil and natural gas, chemicals, power generation, renewable energy resources, and other energy related businesses.

Chevron and Shell, both, currently retain a Zacks #3 Rank that implies a short-term Hold rating for a period of one to three months. We are also maintaining long-term Neutral recommendation on the stocks.


 
CHEVRON CORP (CVX): Free Stock Analysis Report
 
ENI SPA-ADR (E): Free Stock Analysis Report
 
ROYAL DTCH SH-A (RDS.A): Free Stock Analysis Report
 
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

Eni S.P.A. (NYSE:E)
Historical Stock Chart

1 Year : From Oct 2013 to Oct 2014

Click Here for more Eni S.P.A. Charts.

Eni S.P.A. (NYSE:E)
Intraday Stock Chart

Today : Thursday 2 October 2014

Click Here for more Eni S.P.A. Charts.


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 us 141002 12:38