4 Energy Stock Stories For the Weekend
Exxon Mobil Corporation (NYSE:XOM): Closing price $90.47
On Friday, the government of Peru commenced a public auction for nine offshore oil concessions, drawing the interest of international oil majors such as Exxon Mobile and Chevron, according to the agency responsible for the auction. The government agency Perupetro related that the auction should attract investments worth a minimum of $450 million. Luis Ortigas, chief of Perupetro, commented that “the minimum investment (in each concession) will be $50 million, but the companies can invest much more.” Perupetro reported that at least 20 companies from countries including the United States, Canada, France, and Russia are interested in participating in the auction. It is expected that the concession contracts will be awarded on Oct. 17th.