Shell plc (NYSE:SHEL) is one of the Best Non-US Stocks to Buy According to Hedge Funds. On December 16, Shell plc (NYSE:SHEL) announced the final investment decision on its waterflood project at Kaikias field in the US Gulf of America by its subsidiary Shell Offshore Inc.
Management noted that the project will use the waterflood method, which entails injecting water physically to displace oil into adjacent production wells. At Kaikias field, a waterflood method will be used to displace more oil to the company’s Ursa platform in the Mars Corridor. The first injection for this project is expected by 2028. The Kaikias waterflood project is estimated to increase recoverable resource volumes by around 60 million metric barrels of oil equivalent. Moreover, management anticipates that it will add several years to the production lifecycle of Ursa.
This strategic investment decision follows Shell plc’s (NYSE:SHEL) earlier decision to increase its stake in Ursa. The company currently holds 61.3484% ownership in the asset, along with BP Exploration & Production Inc. and ECP GOM III.
That said, Wall Street also remains bullish on the stock. Recently, on December 12, Michele Della Vigna from Goldman Sachs maintained a Buy rating on the stock with a price target of p2,686.5. On the same day, Lydia Rainforth from Barclays also maintained a Buy rating on Shell plc (NYSE:SHEL) with a price target of p2,686.5.
Shell plc (NYSE:SHEL) is a global energy and petrochemical company, providing fuel for transport, aviation, and industry, as well as lubricants, chemicals, and a wide range of other energy solutions.
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Disclosure: None. This article is originally published at Insider Monkey.
