Exxon Mobil, TOTAL Show Interest In Greece Exploration Sites
Zacks Investment Research | May 31, 2017 09:40PM ET
Greece recently received expression of interest from a consortium comprising Exxon Mobil Corporation (NYSE:XOM) , TOTAL SA (NYSE:TOT) and Hellenic Petroleum for the exploration of oil and gas at two resources located offshore the island of Crete.
What’s the Exploration Plan About?
Owing to an extended phase of financial crisis, Greece is presently encouraging energy companies to exploit its resources for more oil and gas findings. Significant discoveries of gas reserves in the eastern Mediterranean also encouraged the nation to launch the exploration program.
Last week, Greece’s energy minister organized a meeting with the representatives of Exxon Mobil and TOTAL for discussing prospective opportunities of exploration and production within the country. If exploitable and commercial resources are discovered, Greece will support the exploration of the same, as per Efstathios Tsotsoros, chairperson of Hellenic Petroleum.
How Will the Plan Benefit?
Tsotsoros added that development in this front will definitely prove beneficial for the nation in terms of overall economic growth and position in the geopolitical space.
Also, such activities will boost the upstream businesses of Exxon Mobil and TOTAL given that oil has recovered from the historical lows of last February. Both the companies have the scope to sell the commodity at escalated prices and hence might be able to drive returns for shareholders.
Brief Note on the Companies
Irving, TX-based Exxon Mobil is the world’s largest publicly traded oil company with upstream, midstream and downstream operations. With a stable cash position, the company’s balance sheet is one of the strongest in the industry.
However, the one-year price chart shows that the company has underperformed the Zacks categorized Original post
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