Shell (RDS.A) Wins Bid To Market First 3 Cargoes In Guyana
Zacks Investment Research | Dec 27, 2019 03:13AM ET
Royal Dutch Shell (LON:RDSa) PLC RDS.A recently announced that in the auction conducted by Guyana, it has succeeded in acquiring the first three deliveries of the government's share of the country's crude oil production. With this deal, Shell will expand its footprint in the oil market of Guyana, thereby spurring growth in the Latin American country’s oil marketing space.
A total of nine bidders placed their bids. However, Shell Western Supply and Trading was finally chosen as the most successful bidder. Apart from Shell's competitive pricing, the wide reach of its trading arm, Latin American footprint and "willingness to share critical refinery information" with the department, tilted the scale in the supermajor’s favour.
Exxon Mobil Corp. (NYSE:XOM) together with partners Hess Corp. (NYSE:HES) and China’s CNOOC Ltd. (NYSE:CEO) began its crude oil production in the Liza oil field, last week. Located in the Stabroek Block, Liza is a deepwater discovery, roughly 190 kilometers offshore Guyana and 1500-1900 meters under water. All of them successfully discovered more than six billion barrels of recoverable oil and gas in this offshore block.
Royal Dutch Shell PLC Price
Exxon-led consortium’s oil production, offshore the South American country, helped Guyana officially secure a dominant position on the oil-producing nations’ list.
Guyana’s first cargoes’ sale, fixed on a Dated Brent price basis, is set to experience the first lifting in February next year while the completion of the three cargoes is anticipated by mid-2020.This Exxon-operated project, which owns 45% interest in the consortium, is said to directly lift the first cargoes while Hess with a 30% stake is scheduled to lift a cargo, later that month.
The Zacks Rank #3 (Hold) Shell is a global group of energy and petrochemical companies. You can see.
Looking for Stocks with Skyrocketing Upside? Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Get The News You Want
Zacks Investment Research
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.