We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Eni and its Area 4 Partners Ink LNG Sales Agreement with BP
Read MoreHide Full Article
Eni Spa (E - Free Report) and its partners in Area 4 Block in Mozambique – Galp, Kogas and ENH – recently inked a binding Liquefied Natural Gas (LNG) sale agreement with BP Poseidon Ltd., a company entirely controlled by BP plc (BP - Free Report) . Notably, Eni participated in the deal through Eni East Africa S.p.A (EEA).
The agreement relates to the sale of the LNG produced by the Coral South Floating LNG facility, which is to be installed offshore Mozambique.
The contract involves the sale of all volumes of LNG to be produced from the Coral South Floating LNG facility for more than two decades. The facility will have a capacity above 3.3 million tons per annum of LNG.
The agreement has already received approval from the Government of Mozambique. It is now subject to the Final Investment Decision (FID) of the complete project, which is anticipated within this year.
This agreement is another major milestone toward the execution of the Coral South development project. The Plan of Development was approved by the Government of Mozambique in Feb 2016.
Eni, the operator of Area 4, holds a 50% indirect interest through EEA. On the other hand, EEA holds a 70% stake of Area 4.The other Concessionaires are GalpEnergia, KOGAS and EmpresaNacional de Hidrocarbonetos (ENH) with a 10% stake each. CNPC owns a 20% indirect interest in Area 4 through EEA.
BP will use LNG from the contract to meet its global supply commitments.
Some better-ranked players from the energy sector include NGL Energy Partners LP (NGL - Free Report) and Evolution Petroleum Corp. (EPM - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy).
NGL Energy Partners has a mixed earnings surprise history. The partnership posted positive earnings surprise in two of the last four quarters. It reported a positive earnings surprise of 1480.0% in the preceding quarter.
In the last reported quarter, Evolution Petroleum Corp. delivered a positive earnings surprise of 350.00%. Coming to the earnings surprise history, the company beat estimates in two of the last four quarters.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Eni and its Area 4 Partners Ink LNG Sales Agreement with BP
Eni Spa (E - Free Report) and its partners in Area 4 Block in Mozambique – Galp, Kogas and ENH – recently inked a binding Liquefied Natural Gas (LNG) sale agreement with BP Poseidon Ltd., a company entirely controlled by BP plc (BP - Free Report) . Notably, Eni participated in the deal through Eni East Africa S.p.A (EEA).
The agreement relates to the sale of the LNG produced by the Coral South Floating LNG facility, which is to be installed offshore Mozambique.
The contract involves the sale of all volumes of LNG to be produced from the Coral South Floating LNG facility for more than two decades. The facility will have a capacity above 3.3 million tons per annum of LNG.
The agreement has already received approval from the Government of Mozambique. It is now subject to the Final Investment Decision (FID) of the complete project, which is anticipated within this year.
This agreement is another major milestone toward the execution of the Coral South development project. The Plan of Development was approved by the Government of Mozambique in Feb 2016.
ENI SPA-ADR Price
ENI SPA-ADR Price | ENI SPA-ADR Quote
Eni, the operator of Area 4, holds a 50% indirect interest through EEA. On the other hand, EEA holds a 70% stake of Area 4.The other Concessionaires are GalpEnergia, KOGAS and EmpresaNacional de Hidrocarbonetos (ENH) with a 10% stake each. CNPC owns a 20% indirect interest in Area 4 through EEA.
BP will use LNG from the contract to meet its global supply commitments.
Some better-ranked players from the energy sector include NGL Energy Partners LP (NGL - Free Report) and Evolution Petroleum Corp. (EPM - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy).
NGL Energy Partners has a mixed earnings surprise history. The partnership posted positive earnings surprise in two of the last four quarters. It reported a positive earnings surprise of 1480.0% in the preceding quarter.
In the last reported quarter, Evolution Petroleum Corp. delivered a positive earnings surprise of 350.00%. Coming to the earnings surprise history, the company beat estimates in two of the last four quarters.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>