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Eni (E) Begins Production From Ochigufu in Offshore Angola
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Eni SpA (E - Free Report) recently announced commissioning of the first field of 2018 — Ochigufu — in offshore Angola. In addition, this is the first start-up of the year in Angola.
Located at a water depth of 1300 meters in Angola’s deep offshore, the Ochigufu field lies about 150 kilometers west from Soyo and 380 kilometers north west from Luanda.
The wells are linked subsea to the Sangos production system and attached to the N’Goma FPSO (Floating, Production, Storage and Offloading) vessel in the West Hub of Block 15/06. Sonangol Pesquisa e Producao — the operator of Block 15/06 — holds a stake of 36.84%. Other partners, Eni and SSI Fifteen Limited, hold 36.84% and 26.32%, respectively.
Start-up of the above-mentioned project has been attained within one and a half year of the Plan of Development’s submission. The yield from this field will augment current production levels by 25,000 barrels.
Eni had discovered more than 3 billion barrels of oil in place and 850 million barrels of reserves in Block 15/06. Eventually, these finds were developed rapidly and competently, followed by sequential start-ups of the Sangos field in 2014, Cinguvu in 2015, Mpungi and Mpungi North in 2016, East Hub in 2017, and now Ochigufu.
Commencement of oil production at the UM8 reservoir in the East Hub of Block 15/06 and the Subsea Boosting System for Mpungi field is next in queue for the year. The Vandumbu field in the West Hub is projected to begin production in early 2019. These three start-ups will boost overall production by 30,000 barrels.
Eni’s presence in Angola dates back to 1980 through its subsidiary Eni Angola. Total equity production in the region is 150,000 barrels of oil equivalent per day.
Price Performance
Eni’s shares have gained 3.2% in the last three months against the industry’s 4.7% decline.
Zacks Rank & Key Picks
Eni carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company (PXD - Free Report) and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It witnessed an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
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It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Eni (E) Begins Production From Ochigufu in Offshore Angola
Eni SpA (E - Free Report) recently announced commissioning of the first field of 2018 — Ochigufu — in offshore Angola. In addition, this is the first start-up of the year in Angola.
Located at a water depth of 1300 meters in Angola’s deep offshore, the Ochigufu field lies about 150 kilometers west from Soyo and 380 kilometers north west from Luanda.
The wells are linked subsea to the Sangos production system and attached to the N’Goma FPSO (Floating, Production, Storage and Offloading) vessel in the West Hub of Block 15/06. Sonangol Pesquisa e Producao — the operator of Block 15/06 — holds a stake of 36.84%. Other partners, Eni and SSI Fifteen Limited, hold 36.84% and 26.32%, respectively.
Start-up of the above-mentioned project has been attained within one and a half year of the Plan of Development’s submission. The yield from this field will augment current production levels by 25,000 barrels.
Eni had discovered more than 3 billion barrels of oil in place and 850 million barrels of reserves in Block 15/06. Eventually, these finds were developed rapidly and competently, followed by sequential start-ups of the Sangos field in 2014, Cinguvu in 2015, Mpungi and Mpungi North in 2016, East Hub in 2017, and now Ochigufu.
Commencement of oil production at the UM8 reservoir in the East Hub of Block 15/06 and the Subsea Boosting System for Mpungi field is next in queue for the year. The Vandumbu field in the West Hub is projected to begin production in early 2019. These three start-ups will boost overall production by 30,000 barrels.
Eni’s presence in Angola dates back to 1980 through its subsidiary Eni Angola. Total equity production in the region is 150,000 barrels of oil equivalent per day.
Price Performance
Eni’s shares have gained 3.2% in the last three months against the industry’s 4.7% decline.
Zacks Rank & Key Picks
Eni carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company (PXD - Free Report) and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It witnessed an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>