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BP Brings Shah Deniz 2 Gas Development Online in Azerbaijan
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BP plc (BP - Free Report) brought Shah Deniz 2 gas development in Azerbaijan online and made its first commercial gas shipment to Turkey.
The project marks the first subsea development in the Caspian Sea and the largest subsea infrastructure operated by BP globally. It lays the foundation for the Southern Gas Corridor series of pipelines that will transfer natural gas from the Caspian Sea directly into the European markets for the first time. Europe will receive new supplies of energy via the pipeline.
In 2018, Shah Deniz 2 became the largest new upstream project by BP and is also the second of the six project start-ups, the first being Atoll in Egypt. In 2017, BP completed seven major projects. These developments are important to attain BP’s production target of 900,000 barrels of oil from new upstream projects by 2021.
About Shah Deniz 2
Shah Deniz 2 development was approved in 2013. The upstream project is estimated to yield 16 billion cubic meters of gas (bcma) annually. The first and second phase of the development will cumulatively yield about 26 bcma of gas and up to 120,000 barrels of condensate a day. At peak, the Shah Deniz 2 development generated employment for more than 30,000 personnel in Azerbaijan and Georgia and included more than180 million hours of work.
The offshore Shah Deniz 2 project comprises 26 subsea wells, 500 kilometers of subsea pipelines and flowlines as well as two new bridge-linked platforms.
A 85-kilometer pipeline is used to transfer gas onshore to the Sangachal terminal near Baku. The new South Caucasus pipeline expansion is also a part of the project. This pipeline has a length of 428 kilometer in Azerbaijan and 59 kilometer in Georgia, including two new compressor stations that transport Shah Deniz gas to Turkey.
About Shah Deniz
Located in the Caspian Sea offshore Azerbaijan, Shah Deniz is the largest gas discovery made till date by BP, spread across 860 square kilometers. The field, discovered in 1999, is projected to hold about 1 trillion cubic meters of gas. The first phase of field development commenced production in 2006. Currently, the field provides gas to Azerbaijan, Georgia and Turkey.
Price Performance
In the past three months, BP’s shares have gained 11% compared with the industry’s 9.1% rise.
Zacks Rank & Key Picks
BP currently has a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Occidental Petroleum Corporation (OXY - Free Report) and China Petroleum and Chemical Corporation , also known as Sinopec,as well as CVR Refining, LP . These stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum is an international oil and gas exploration and production company. It pulled off an average positive earnings surprise of 30.2% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the last four quarters.
Sugar Land, TX-based CVR Refining is an independent downstream energy partnership with refining and associated logistics properties in the Midcontinent United States. The company delivered an average positive earnings surprise of 7.05% in the last four quarters.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
BP Brings Shah Deniz 2 Gas Development Online in Azerbaijan
BP plc (BP - Free Report) brought Shah Deniz 2 gas development in Azerbaijan online and made its first commercial gas shipment to Turkey.
The project marks the first subsea development in the Caspian Sea and the largest subsea infrastructure operated by BP globally. It lays the foundation for the Southern Gas Corridor series of pipelines that will transfer natural gas from the Caspian Sea directly into the European markets for the first time. Europe will receive new supplies of energy via the pipeline.
In 2018, Shah Deniz 2 became the largest new upstream project by BP and is also the second of the six project start-ups, the first being Atoll in Egypt. In 2017, BP completed seven major projects. These developments are important to attain BP’s production target of 900,000 barrels of oil from new upstream projects by 2021.
About Shah Deniz 2
Shah Deniz 2 development was approved in 2013. The upstream project is estimated to yield 16 billion cubic meters of gas (bcma) annually. The first and second phase of the development will cumulatively yield about 26 bcma of gas and up to 120,000 barrels of condensate a day. At peak, the Shah Deniz 2 development generated employment for more than 30,000 personnel in Azerbaijan and Georgia and included more than180 million hours of work.
The offshore Shah Deniz 2 project comprises 26 subsea wells, 500 kilometers of subsea pipelines and flowlines as well as two new bridge-linked platforms.
A 85-kilometer pipeline is used to transfer gas onshore to the Sangachal terminal near Baku. The new South Caucasus pipeline expansion is also a part of the project. This pipeline has a length of 428 kilometer in Azerbaijan and 59 kilometer in Georgia, including two new compressor stations that transport Shah Deniz gas to Turkey.
About Shah Deniz
Located in the Caspian Sea offshore Azerbaijan, Shah Deniz is the largest gas discovery made till date by BP, spread across 860 square kilometers. The field, discovered in 1999, is projected to hold about 1 trillion cubic meters of gas. The first phase of field development commenced production in 2006. Currently, the field provides gas to Azerbaijan, Georgia and Turkey.
Price Performance
In the past three months, BP’s shares have gained 11% compared with the industry’s 9.1% rise.
Zacks Rank & Key Picks
BP currently has a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Occidental Petroleum Corporation (OXY - Free Report) and China Petroleum and Chemical Corporation , also known as Sinopec,as well as CVR Refining, LP . These stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum is an international oil and gas exploration and production company. It pulled off an average positive earnings surprise of 30.2% in the last four quarters.
Sinopec is one of the largest petroleum and petrochemical companies in Asia. The company delivered an average positive earnings surprise of 492.8% in the last four quarters.
Sugar Land, TX-based CVR Refining is an independent downstream energy partnership with refining and associated logistics properties in the Midcontinent United States. The company delivered an average positive earnings surprise of 7.05% in the last four quarters.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>