Oil Giants Race for Liquid Natural Gas Projects
With Asia in the forefront as the new epicenter of global growth, Big Oil (NYSE:XOP) is positioning itself to meet growing energy (NYSE:XLE) demands through major investments in natural gas (NYSE:UNG) projects in or around the region.
Chevron’s (NYSE:CVX) green light for a $29 billion natural gas project in Australia (NYSE:EWA) has just been followed up by today’s announcement BP (NYSE:BP) is quadrupling its $5 billion LNG project in Indonesia. According to an energy analyst, “expansion [in Indonesia] could be attractive to BP as a much needed source of LNG growth”.
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BP (NYSE:BP) is trading at $37.70 today, down 0.63%. Shares are down 3.44% in one year. The stock’s trading range for the year is between $35.10 and $49.50.