Chevron Eyes Return to Indonesia With Focus on Large Gas Reserves

Chevron Corporation CVX is reportedly setting its sights on major oil and gas opportunities in Indonesia, marking a potential return to a region it exited in 2023. Indonesia’s upstream regulator states that the company is eyeing blocks with estimated gas reserves of around 15 trillion cubic feet (Tcf) — a sizable target that reflects its ambitions in Southeast Asia.Indonesia is expected to offer new exploration blocks in regions like Bali and the eastern parts of the country. Although Chevron has not yet confirmed specific details, its early evaluation of some of the potential assets in the country highlights its serious interest in the region’s untapped energy potential.For a long time, Chevron has been facing setbacks in its international operations, specifically in Venezuela and Kazakhstan, due to rising geopolitical complexity. Venezuelan liftings to the United States have halted due to license limitations, and Kazakhstan’s output growth has drawn scrutiny amid OPEC+ dynamics. Therefore, CVX’s interest in Indonesian oil and gas blocks is of utmost importance, as it can create a positive trajectory for the company, given that Indonesia’s assets have high oil and gas output potential.CVX’s Strategic Shift After 2023 ExitChevron's interest comes just a few years after it divested from the Indonesia Deepwater Development (IDD) project. Located in the Makassar Strait, IDD comprised the Bangka and Gendalo-Gehem gas projects, with a combined recoverable resource of nearly 3 Tcf. Development had stalled due to a redesign of the facility, prompting Chevron to withdraw.Now, the company appears ready to re-enter the Indonesian upstream sector, focusing on larger reserves and potentially more favorable project conditions.CVX’s Zacks Rank and Key PicksHouston, TX-based Chevron is one of the largest publicly traded oil and gas companiesthat participates in every aspect related to energy —from oil production to refining and marketing. Currently, CVX has a Zacks Rank #5 (Strong Sell).Investors interested in the energy sector might look at some top-ranked stocks like Prairie Operating Co. PROP, Global Partners LP GLP and RPC, Inc. RES. While Prairie Operating and Global Partners currently sport a Zacks Rank #1 (Strong Buy) each, RPC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Houston-based Prairie Operating is an independent energy company engaged in the development and acquisition of proven, producing oil and natural gas resources principally in the United States. The Zacks Consensus Estimate for PROP’s 2025 earnings indicates 389.05% year-over-year growth.Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. The Zacks Consensus Estimate for GLP’s 2025 earnings indicates 17.84% year-over-year growth.Atlanta, GA-based RPC is an oilfield service provider in almost all of the prospective plays, like the Rocky Mountain regions, Appalachian area, Gulf of Mexico and other resources in the United States. The Zacks Consensus Estimate for RES’ next quarter earnings indicates 33.33% growth.Zacks Names #1 Semiconductor StockIt's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.See This Stock Now for Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Global Partners LP (GLP): Free Stock Analysis Report RPC, Inc. (RES): Free Stock Analysis Report Prairie Operating Co. (PROP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks