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Eni (E) Sails Out First LNG Shipment from Jangkrik Field
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Eni SpA (E - Free Report) set out its first liquefied natural gas (LNG) shipment produced from the Jangkrik field for the Indonesian domestic market. The field is located in Indonesia in deep water.
Per a long-term LNG contract inked with PT Pertamina (PERSERO) in Jun 2015, the 22,500 m3 cargo left the Bontang Liquefaction Plant, in East Kalimantan, and is headed to Bali where it will be unloaded.
Eni began gas production at Jangkrik ahead of schedule on May 15, 2017. Gas produced is processed onboard the FPU ‘Jangkrik’ and then flows to the Onshore Receiving Facility. It finally arrives at the Bontang gas liquefaction plant via the East Kalimantan Transportation System.
The LNG produced is sold under long-term contracts, partly to PT Pertamina and partly to Eni itself. Eni will then sell its portion as part of the development of its international LNG portfolio, in sync with the company’s strategy announced in February.
Eni operates the Muara Bakau PSC, holding a 55% stake through its subsidiary Eni Muara Bakau BV. The other PSC partners are ENGIE E&P (through its subsidiary GDF SUEZ Exploration Indonesia BV) and PT. Saka Energi Muara Bakau, holding 33.334% and 11.666%, respectively. All activities are performed in coordination with SKK Migas, the entity representing the Government of Indonesia.
Eni has been present in Indonesia since 2001. Currently, the company has a large asset portfolio across exploration, production and development. Production activities are located in the Mahakam River delta, East Kalimantan, through VICO Ltd, a joint venture between Eni, which is the operator, and Saka Energi. Each company has an interest of 50% in VICO Ltd, which is party to the Sanga Sanga PSC and produces on average 20,000 barrels of oil equivalent per day.
Investors interested in the same space can consider SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) .
SunCoke Energy delivered 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%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered 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) Sails Out First LNG Shipment from Jangkrik Field
Eni SpA (E - Free Report) set out its first liquefied natural gas (LNG) shipment produced from the Jangkrik field for the Indonesian domestic market. The field is located in Indonesia in deep water.
Per a long-term LNG contract inked with PT Pertamina (PERSERO) in Jun 2015, the 22,500 m3 cargo left the Bontang Liquefaction Plant, in East Kalimantan, and is headed to Bali where it will be unloaded.
Eni began gas production at Jangkrik ahead of schedule on May 15, 2017. Gas produced is processed onboard the FPU ‘Jangkrik’ and then flows to the Onshore Receiving Facility. It finally arrives at the Bontang gas liquefaction plant via the East Kalimantan Transportation System.
The LNG produced is sold under long-term contracts, partly to PT Pertamina and partly to Eni itself. Eni will then sell its portion as part of the development of its international LNG portfolio, in sync with the company’s strategy announced in February.
Eni operates the Muara Bakau PSC, holding a 55% stake through its subsidiary Eni Muara Bakau BV. The other PSC partners are ENGIE E&P (through its subsidiary GDF SUEZ Exploration Indonesia BV) and PT. Saka Energi Muara Bakau, holding 33.334% and 11.666%, respectively. All activities are performed in coordination with SKK Migas, the entity representing the Government of Indonesia.
Eni has been present in Indonesia since 2001. Currently, the company has a large asset portfolio across exploration, production and development. Production activities are located in the Mahakam River delta, East Kalimantan, through VICO Ltd, a joint venture between Eni, which is the operator, and Saka Energi. Each company has an interest of 50% in VICO Ltd, which is party to the Sanga Sanga PSC and produces on average 20,000 barrels of oil equivalent per day.
Investors interested in the same space can consider SunCoke Energy, Inc. (SXC - Free Report) , Enbridge Energy, L.P. and Canadian Natural Resources Limited Ltd. (CNQ - Free Report) .
SunCoke Energy delivered 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%.
Enbridge Energy delivered a positive earnings surprise of 128.57% in the preceding quarter. The company beat estimates in three of the four trailing quarters with an average positive earnings surprise of 38.22%.
Canadian Natural Resources delivered 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%.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>