Macquarie deems Chevron top deep-water play

By News Wires

 28 January 2013 23:31 GMT

Chevron is the only supermajor deemed by analysts at brokerage house Macquarie to be among the top deep-water plays for investors this year.

In a research note predicting $650 billion of deep-water development spending through 2020 - expected to be driven by the prolific Santos basin in Brazil and a return to growth in the US Gulf - Macquarie said deep-water work was riskier than other sources of growth for big oil companies, but also promised the highest returns.

Chevron was listed among Macquarie's deep-water exposure picks due to its highly diversified portfolio, the highest absolute exposure, and the highest relative exposure among the supermajors.

But the other three supermajors - ExxonMobil, Shell and BP -…

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