Shell to submit offshore drilling plan in Suriname for environmental approval
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 17 2024
0mins
Source: Reuters
BG International's Exploration Plans: BG International, a subsidiary of Shell, intends to submit a drilling plan for up to four exploration wells at offshore Block 65 in Suriname, with the first well, Araku Deep-1, expected to commence in Q2 2025 if approved.
Suriname's Oil Production Progress: Suriname is advancing towards its inaugural offshore oil and gas production, highlighted by a $10.5 billion project by TotalEnergies and APA Corp, which aims to start output in 2028.
Analyst Views on APA
Wall Street analysts forecast APA stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for APA is 25.00 USD with a low forecast of 16.00 USD and a high forecast of 40.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
20 Analyst Rating
4 Buy
12 Hold
4 Sell
Hold
Current: 25.550
Low
16.00
Averages
25.00
High
40.00
Current: 25.550
Low
16.00
Averages
25.00
High
40.00
About APA
APA Corporation is an independent energy company. The Company owns subsidiaries that explore for and produce oil and natural gas in the United States, Egypt, and the United Kingdom, and that explore for oil and natural gas offshore Suriname. The Company’s upstream business has oil and gas operations in three geographic areas: the United States, Egypt and offshore the United Kingdom in the North Sea (North Sea). It also has active exploration and appraisal operations ongoing in Suriname, as well as interests in Uruguay and other international locations. It maintains a diversified asset portfolio, including conventional and unconventional, onshore and offshore, oil and natural gas exploration and production interests. In the United States, operations are primarily focused on the Permian Basin of West Texas. The Company has conventional onshore assets in Egypt’s Western Desert, and offshore assets on the United Kingdom’s Continental Shelf.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
