Chevron Is Expanding Its Presence in the Mediterranean. Here's What It Means for CVX Stock.
Chevron will begin to explore for hydrocarbon deposits in Greek waters later this year.
Overview
Last month, I wrote about how Chevron (NYSE: CVX) is well-positioned to benefit from the U.S. deal with Venezuela to develop some 65 billion barrels of that country's enormous proven oil reserves.
But there's another region Chevron is moving into, which I think will also eventually help the stock. This week brought preliminary reports that the Houston-based oil and gas giant plans to begin seismic research in waters off Greece later this year, expanding its offshore exploration footprint in the Eastern Mediterranean.
Details
The news came from Greek Environment and Energy Minister Stavros Papastavrou, who was in the U.S. to attend United Nations meetings. The official met with a Chevron executive and agreed that the exploration could begin this year. A seismic exploration is the initial step in assessing hydrocarbon potential and must be conducted before any test drilling can begin.
Source
Originally published at www.fool.com.