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Eni Concludes Sale of 10% Stake in Shorouk Concession to BP
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Eni SpA (E - Free Report) recently inked a deed concluding the divestment of a 10% stake in the Shorouk concession, offshore Egypt to BP plc (BP - Free Report) .
In Nov 2016, Eni and BP first agreed on the sale of the concession stake, where the super-giant Zohr gas field is located. Currently, Eni holds a 90% stake in the license, through its subsidiary IEOC, while Rosneft has agreed to farm in a stake of 30%. This is subject to approval from the Egyptian government.
A meeting held in January confirmed that the development of Zohr is rapidly progressing as it has been fast tracked. The field is expected to commence production in 2017, just two years after the discovery.
Discovered in Aug 2015 by Eni, the Zohr field has a total potential of 850 billion cubic meters of gas in place. It is the largest natural gas field ever discovered in the Mediterranean. The project establishes Eni as a sector leader in exploration and fast development of the discoveries.
Other projects in Egypt where both Eni and BP are partners include the Nooros field and the Baltim SW field. The Nooros field was discovered in Jul 2015 in the Nile Delta and is producing about 25 MMScm/d only 15 months after the startup of the field. The Baltim SW field was discovered in Jun 2016 and is expected to start production in 2019.
Eni’s presence in Egypt dates back to 1954, where it operates through its subsidiary IEOC. The company is the main producer in the country with an equity production of about 230,000 barrels of oil equivalent per day.
The prospects of the company look bright as indicated by its price chart. The stock gained 14.6%, while the Zacks categorized sub industry Oil & Gas-International Integrated Market has registered 6.9% increase in the last three months.
W&T Offshore posted a positive earnings surprise of 44.19% in the preceding quarter. It beat estimates in all the four preceding quarters and has an average positive earnings surprise of 31.49% in the four trailing quarters.
Sunrun posted a positive earnings surprise of 137.21% in the preceding quarter. It beat estimates in all the four preceding quarters and has an average positive earnings surprise of 134.71% in the four trailing quarters.
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Eni Concludes Sale of 10% Stake in Shorouk Concession to BP
Eni SpA (E - Free Report) recently inked a deed concluding the divestment of a 10% stake in the Shorouk concession, offshore Egypt to BP plc (BP - Free Report) .
In Nov 2016, Eni and BP first agreed on the sale of the concession stake, where the super-giant Zohr gas field is located. Currently, Eni holds a 90% stake in the license, through its subsidiary IEOC, while Rosneft has agreed to farm in a stake of 30%. This is subject to approval from the Egyptian government.
A meeting held in January confirmed that the development of Zohr is rapidly progressing as it has been fast tracked. The field is expected to commence production in 2017, just two years after the discovery.
Discovered in Aug 2015 by Eni, the Zohr field has a total potential of 850 billion cubic meters of gas in place. It is the largest natural gas field ever discovered in the Mediterranean. The project establishes Eni as a sector leader in exploration and fast development of the discoveries.
Other projects in Egypt where both Eni and BP are partners include the Nooros field and the Baltim SW field. The Nooros field was discovered in Jul 2015 in the Nile Delta and is producing about 25 MMScm/d only 15 months after the startup of the field. The Baltim SW field was discovered in Jun 2016 and is expected to start production in 2019.
Eni’s presence in Egypt dates back to 1954, where it operates through its subsidiary IEOC. The company is the main producer in the country with an equity production of about 230,000 barrels of oil equivalent per day.
The prospects of the company look bright as indicated by its price chart. The stock gained 14.6%, while the Zacks categorized sub industry Oil & Gas-International Integrated Market has registered 6.9% increase in the last three months.
Eni currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the same space include W&T Offshore Inc. (WTI - Free Report) and Sunrun Inc. (RUN - Free Report) . Both these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
W&T Offshore posted a positive earnings surprise of 44.19% in the preceding quarter. It beat estimates in all the four preceding quarters and has an average positive earnings surprise of 31.49% in the four trailing quarters.
Sunrun posted a positive earnings surprise of 137.21% in the preceding quarter. It beat estimates in all the four preceding quarters and has an average positive earnings surprise of 134.71% in the four trailing quarters.
Just Released – Driverless Cars: Your Roadmap to Mega-Profits Today
In this latest Special Report, Zacks’ Aggressive Growth Strategist Brian Bolan explores a full-blown technological breakthrough in the making – autonomous cars. He also spotlights 8 stocks with tremendous gain potential to feed off this phenomenon. Click to see the stocks right now >>