We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BP Kick-Starts Ghazeer Gas Production Ahead of Schedule
Read MoreHide Full Article
BP plc (BP - Free Report) recently announced the commencement of production, ahead of schedule, from the Block 61 Phase 2 Ghazeer gas field in Oman. The production started 33 months after the approval of development. It was earlier expected to come online in 2021. Projects like this can support the company’s plans of transformation.
Production in the Block 61’s first phase development, Khazzan, was started in 2017. The block’s total daily production capacity is estimated to increase to 1.5 billion cubic feet of natural gas and more than 65,000 barrels of associated condensate. The block has a recoverable natural gas resource of 10.5 trillion cubic feet. It is expected to address 35% of the country’s total natural gas demand. As such, production from the giant Ghazeer natural gas field will likely benefit the local industries and further boost the economy of Oman.
The block holds the significance as one of the largest tight gas accumulations in the Middle East. The produced commodity from the block is used for domestic consumption. It also supplies feedstock for Oman LNG. The British energy giant’s Trading and Shipping arm buys 1.1 million tons of liquefied natural gas per year from Oman LNG through a seven-year deal, which commenced in 2018.
BP used its experience in U.S. onshore operations for well tests and completions in Ghazeer, which in turn enabled it to reduce emissions. Instead of flaring the natural gas produced during well testing, the company transported it to the production facility. This process has enabled the company to save emissions of carbon dioxide equivalent of 201,000 tons since 2019.
The project further strengthens BP’s presence in Oman, where it has an upstream presence since 2007. The Block 61 Phase 2 project was sanctioned in April 2018. BP has a 60% stake in the Block 61. It has Makarim Gas Development Limited and Malaysian oil and gas company PETRONAS as partners in the block with 30% and 10% interests, respectively. For Block 77, BP is partnering with Eni S.p.A. (E - Free Report) for a massive exploration opportunity, which received a green signal this March.
Price Performance
BP’s shares have fallen 30.8% in the past six months compared with 19.6% decline of the industry it belongs to.
Apache’s bottom line for 2021 is expected to surge 84.3% year over year.
Matador Resources’ sales for 2021 are expected to rise 12.2% year over year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
BP Kick-Starts Ghazeer Gas Production Ahead of Schedule
BP plc (BP - Free Report) recently announced the commencement of production, ahead of schedule, from the Block 61 Phase 2 Ghazeer gas field in Oman. The production started 33 months after the approval of development. It was earlier expected to come online in 2021. Projects like this can support the company’s plans of transformation.
Production in the Block 61’s first phase development, Khazzan, was started in 2017. The block’s total daily production capacity is estimated to increase to 1.5 billion cubic feet of natural gas and more than 65,000 barrels of associated condensate. The block has a recoverable natural gas resource of 10.5 trillion cubic feet. It is expected to address 35% of the country’s total natural gas demand. As such, production from the giant Ghazeer natural gas field will likely benefit the local industries and further boost the economy of Oman.
The block holds the significance as one of the largest tight gas accumulations in the Middle East. The produced commodity from the block is used for domestic consumption. It also supplies feedstock for Oman LNG. The British energy giant’s Trading and Shipping arm buys 1.1 million tons of liquefied natural gas per year from Oman LNG through a seven-year deal, which commenced in 2018.
BP used its experience in U.S. onshore operations for well tests and completions in Ghazeer, which in turn enabled it to reduce emissions. Instead of flaring the natural gas produced during well testing, the company transported it to the production facility. This process has enabled the company to save emissions of carbon dioxide equivalent of 201,000 tons since 2019.
The project further strengthens BP’s presence in Oman, where it has an upstream presence since 2007. The Block 61 Phase 2 project was sanctioned in April 2018. BP has a 60% stake in the Block 61. It has Makarim Gas Development Limited and Malaysian oil and gas company PETRONAS as partners in the block with 30% and 10% interests, respectively. For Block 77, BP is partnering with Eni S.p.A. (E - Free Report) for a massive exploration opportunity, which received a green signal this March.
Price Performance
BP’s shares have fallen 30.8% in the past six months compared with 19.6% decline of the industry it belongs to.
Zacks Rank & Stocks to Consider
BP currently has a Zacks Rank #4 (Sell). Some better-ranked players in the energy space include Apache Corporation (APA - Free Report) and Matador Resources Company (MTDR - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apache’s bottom line for 2021 is expected to surge 84.3% year over year.
Matador Resources’ sales for 2021 are expected to rise 12.2% year over year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>