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Eni (E) Begins Production at Jangkrik Development Project
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Eni SpA (E - Free Report) recently commenced gas production from a project in deep water offshore Indonesia – Jangkrik Development Project. Notably, work on the project has started ahead of schedule.
Located in the Muara Bakau block, Kutei basin, in the deep water of Makassar Strait, the project includes the gas fields Jangkrik and Jangkrik North East.
Linked to the newly built Floating Production Unit (FPU) “Jangkrik”, production from 10 deep-water subsea wells are expected to gradually reach 450 million standard cubic feet per day (mmscf/d), which equates to 83,000 barrels of oil equivalent per day (boed).
Once the gas is processed onboard the FPU, it will flow through a 79 kilometer pipeline to the Onshore Receiving Facility. Both the FPU and Onshore Receiving Facility have been built by Eni. Later, the gas will flow through the East Kalimantan Transportation System to the Bontang gas liquefaction plant.
Gas volumes from Jangkrik will make a significant contribution to Indonesia’s current energy requirements as well as the future economic development by supplying the local domestic market and the LNG export market.
Eni brought the project online within three and a half years from the time of approval. This further emphasizes the company’s capabilities of fast-track developments.
The project gives the Jangkrik FPU an opportunity to become a hub for the development of its neighboring gas discovery, Merakes. The field is expected to begin production within the next two years. The company intends to consolidate its near field exploration strategy as well as operating model to capitalize on the integrated development of its projects in Indonesia.
Eni, the operator, of the Muara Bakau PSC owns a stake of 55% through its subsidiary Eni Muara Bakau B.V. Other partners are ENGIE E&P (through its subsidiary GDF SUEZ Exploration Indonesia BV) and PT. Saka Energi Muara Bakau, holding 33.33% and 11.666%, respectively. All the activities are performed in coordination with SKKMigas, the entity representing the Government of Indonesia.
Eni’s presence in Indonesia dates back to 2001, where it has a large portfolio of assets in exploration, production and development. Production activities are located in the Mahakam River delta, East Kalimantan, and are conducted through the participated company – VICO Ltd. – operator of the Sanga Sanga PSC that delivers an average equity production of 14,000 barrels of oil equivalent per day. Eni and Saka Energi have 50% stake each in VICO Ltd.
Investor confidence on the Sinopec stock is reflected in its price chart. Shares of the company have gained 9% in the last three months, while the Oil & Gas – International Integrated industry registered an increase of 1.3%.
Eni currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Exterran Corp. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Exterran posted a positive earnings surprise of 123.21% in the year-ago quarter.
Canadian Natural Resources posted a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
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Eni (E) Begins Production at Jangkrik Development Project
Eni SpA (E - Free Report) recently commenced gas production from a project in deep water offshore Indonesia – Jangkrik Development Project. Notably, work on the project has started ahead of schedule.
Located in the Muara Bakau block, Kutei basin, in the deep water of Makassar Strait, the project includes the gas fields Jangkrik and Jangkrik North East.
Linked to the newly built Floating Production Unit (FPU) “Jangkrik”, production from 10 deep-water subsea wells are expected to gradually reach 450 million standard cubic feet per day (mmscf/d), which equates to 83,000 barrels of oil equivalent per day (boed).
Once the gas is processed onboard the FPU, it will flow through a 79 kilometer pipeline to the Onshore Receiving Facility. Both the FPU and Onshore Receiving Facility have been built by Eni. Later, the gas will flow through the East Kalimantan Transportation System to the Bontang gas liquefaction plant.
Gas volumes from Jangkrik will make a significant contribution to Indonesia’s current energy requirements as well as the future economic development by supplying the local domestic market and the LNG export market.
Eni brought the project online within three and a half years from the time of approval. This further emphasizes the company’s capabilities of fast-track developments.
The project gives the Jangkrik FPU an opportunity to become a hub for the development of its neighboring gas discovery, Merakes. The field is expected to begin production within the next two years. The company intends to consolidate its near field exploration strategy as well as operating model to capitalize on the integrated development of its projects in Indonesia.
Eni, the operator, of the Muara Bakau PSC owns a stake of 55% through its subsidiary Eni Muara Bakau B.V. Other partners are ENGIE E&P (through its subsidiary GDF SUEZ Exploration Indonesia BV) and PT. Saka Energi Muara Bakau, holding 33.33% and 11.666%, respectively. All the activities are performed in coordination with SKKMigas, the entity representing the Government of Indonesia.
Eni’s presence in Indonesia dates back to 2001, where it has a large portfolio of assets in exploration, production and development. Production activities are located in the Mahakam River delta, East Kalimantan, and are conducted through the participated company – VICO Ltd. – operator of the Sanga Sanga PSC that delivers an average equity production of 14,000 barrels of oil equivalent per day. Eni and Saka Energi have 50% stake each in VICO Ltd.
Investor confidence on the Sinopec stock is reflected in its price chart. Shares of the company have gained 9% in the last three months, while the Oil & Gas – International Integrated industry registered an increase of 1.3%.
Eni currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include SunCoke Energy, Inc. (SXC - Free Report) , Exterran Corp. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Exterran posted a positive earnings surprise of 123.21% in the year-ago quarter.
Canadian Natural Resources posted a positive earnings surprise of 30.77% in the preceding quarter. It surpassed estimates in two of the four trailing quarters with an average negative earnings surprise of 275.46%.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>