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Marathon Oil Develops First Gas from Alba Offshore Platform
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Leading upstream energy player Marathon Oil Corporation (MRO - Free Report) declared the production of first gas from its new Alba B3 compression platform, located off the coast of Equatorial Guinea.
This offshore platform will likely help the company to convert 130 million barrels of oil equivalent of undeveloped proved reserves. Marathon Oil declared that this compression development will maintain a steady flow of production over the coming two years without accelerating the base production decline. This will help the company to extend the life of the field by up to eight years.
It is to be noted that Heerema Fabrication Group has been serving as a general contractor of the project. In the Alba field, Marathon E.G. Production Limited – the affiliate of Marathon Oil and also the operator of the field – has a 65% working interest. The remaining 35% is owned by Noble Energy Inc. .
Houston, TX-based Marathon Oil is a leading energy firm with a large and geographically diverse reserve base and solid project pipeline. The company’s recent plan to buy PayRock Energy Holdings is a huge positive as the latter possesses 61,000 net surface acres of land in Oklahoma. In fact, the company is anticipating handsome returns from the newly drilled wells of the locality, even if oil remains at $50 per barrel.
Investors should know that Marathon Oil is planning to release its second-quarter 2016 results on Aug 3 after the closing bell. The company’s Zacks Consensus Estimate for the quarter stands at a loss of 24 cents.
Currently, the company carries a Zacks Rank #2 (Buy), which implies that the stock will outperform the broader U.S. equity market over the next one to three months.
Other players in the energy sector that warrant a look include QEP Resources, Inc. and Matador Resources Company (MTDR - Free Report) . Both stocks sport a Zacks Rank #1 (Strong Buy).
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Marathon Oil Develops First Gas from Alba Offshore Platform
Leading upstream energy player Marathon Oil Corporation (MRO - Free Report) declared the production of first gas from its new Alba B3 compression platform, located off the coast of Equatorial Guinea.
This offshore platform will likely help the company to convert 130 million barrels of oil equivalent of undeveloped proved reserves. Marathon Oil declared that this compression development will maintain a steady flow of production over the coming two years without accelerating the base production decline. This will help the company to extend the life of the field by up to eight years.
It is to be noted that Heerema Fabrication Group has been serving as a general contractor of the project. In the Alba field, Marathon E.G. Production Limited – the affiliate of Marathon Oil and also the operator of the field – has a 65% working interest. The remaining 35% is owned by Noble Energy Inc. .
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Houston, TX-based Marathon Oil is a leading energy firm with a large and geographically diverse reserve base and solid project pipeline. The company’s recent plan to buy PayRock Energy Holdings is a huge positive as the latter possesses 61,000 net surface acres of land in Oklahoma. In fact, the company is anticipating handsome returns from the newly drilled wells of the locality, even if oil remains at $50 per barrel.
Investors should know that Marathon Oil is planning to release its second-quarter 2016 results on Aug 3 after the closing bell. The company’s Zacks Consensus Estimate for the quarter stands at a loss of 24 cents.
Currently, the company carries a Zacks Rank #2 (Buy), which implies that the stock will outperform the broader U.S. equity market over the next one to three months.
Other players in the energy sector that warrant a look include QEP Resources, Inc. and Matador Resources Company (MTDR - Free Report) . Both stocks sport a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>