Brent Oil Is Back Above $100 as a Third Aircraft Carrier Heads to the Middle East

Bechtel, a U.S. engineering firm, revealed that Chevron abandoned financing a $1B-$2B deep-water port in Guyana after acquiring Hess. The Guyana government is now conducting a feasibility study, with potential funding from the U.S. Export-Import Bank and Qatar. The port aims to facilitate trade between Guyana and northern Brazil, with revenue potential under assessment.

Chevron plans to increase drilling rigs at its El Trapial block in Argentina's Vaca Muerta formation from one to three by early 2029, aiming to triple production in Argentina sooner than its 2035 target. The company seeks government approval for a $13.8 billion investment plan over 30 years. Chevron also holds stakes in other Vaca Muerta blocks and an export pipeline.

Chevron is reviewing its deepwater portfolio in the Gulf of Mexico, potentially selling mature assets like Petronius, Tubular Bells, and Llano. The sale could generate $1 billion, with proceeds directed toward high-yield projects. Chevron aims to increase production to 300,000 barrels per day by focusing on advanced assets like Anchor and Ballymore.

Chevron plans to invest $13.8 billion to increase oil production in Argentina, aiming to revitalize the Vaca Muerta shale region. The investment is part of the company's strategy to expand its global operations.

Chevron is investing in Argentina's Vaca Muerta shale basin, aiming to triple production by 2035. The company plans to spend $13.8 billion over 30 years, adding two more drilling rigs by 2029. Despite higher costs, Chevron sees potential in the region, which is benefiting from recent government reforms. Chevron's projects in Vaca Muerta include El Trapial, Loma Campana, and Narambuena.

Chevron (CVX) is reviewing the sale of Gulf of Mexico assets, potentially worth $1B. Its stock reached a 52-week high of $229 premarket. The company also noted improved investment conditions in Egypt, citing timely payments and favorable contracts.