In addition to this, its project at Christina Lake is underway and is ahead of schedule. The strong performance of this region is seen as a positive indicator and Cenovus Energy Inc (USA) (NYSE:CVE) should benefit from these oil rich regions. Looking at the projects undertaken by Cenovus Energy Inc (USA) (NYSE:CVE), and divestiture of underperforming assets, oil and gas production will surge in the upcoming years.
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) is a state-owned Brazilian company and the government wants to achieve self-sufficiency in energy production. In doing so, the company is hoping to double its production. Its Production target is around 5.2 million barrels per day.
Moreover, the company also plans to sell assets worth $9.9 billion in 2013. By selling assets, the company will finance its future oil exploration plans.
Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) started its initial commercial production of oil from Cidade de Paraty in Lula Nordeste field, Brazil. This region has water depth of 2120 meters from the coast and has 15 wells to operate. The production capacity of this region is 150,000 bbl/d and 5 million metric cubes of gas per day.
Its initial production from this region is expected to remain at 13,000 bbl/d, but will reach 120,000 bbl/d in the second quarter of 2014. Looking at the promising production figures of this region, the company will tap the emerging market of Brazil, which will result in increased revenue of the company.
As a result of new contracts by Seadrill Ltd (NYSE:SDRL), its revenue will surge in the fiscal year 2013 and 2014. Also, the optimum utilization of assets should benefit the company. Cenovus Energy Inc (USA) (NYSE:CVE)’s asset selling plan will pay-off and its production outlook from the Cedar Creek is also promising. The 5 year investment plan of Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR) is ambitious and it may allow Brazil to take care of all its energy needs in house. Take a look at these energy giants for yourself–you might like what you find.
Madhu Dube has no position in any stocks mentioned. The Motley Fool recommends Petroleo Brasileiro (NYSE:PBR) S.A. (ADR) and Seadrill. The Motley Fool owns shares of Seadrill. Madhu is a member of The Motley Fool Blog Network — entries represent the personal opinion of the blogger and are not formally edited.
The article Why You Should Invest in These 3 Oil Companies originally appeared on Fool.com is written by Madhu Dube.
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