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BP And Reliance Begin Production in Asia's Deepest Gas Field
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BP Plc (BP - Free Report) and its partner Reliance Industries Ltd (“RIL”) announced the beginning of natural gas production from the ultra-deep-water gas field — R Cluster — in block KG D6 along the east coast of India.
In the KG-D6 block, three deepwater gas fields are being developed by the companies that comprise R Cluster, Satellites Cluster and MJ. Of the three developments, R Cluster is the first to become operational. Importantly, the companies expect the three projects to meet 15% gas demand by the world’s second-most populous country by 2023. Investors should also know that in Asia, R Cluster is the deepest offshore gas field and is placed at a water depth of more than 2,000 meters.
Notably, the British energy giant holds a 33.33% participating interest in the block, while the remaining majority stakes are being owned by the operator RIL.
In 2021, the companies expect the R cluster field, situated 60 kilometers from the KG D6 Control & Riser Platform (“CRP”), to achieve plateau gas production of 12.9 million standard cubic meters per day (mmscm/d).
The company added that it expects the next project, the Satellites Cluster, to start production in 2021, following which the MJ project will be operational in 2022. Moreover, the companies expect an optimal gas production of nearly 30 mmscm/d by 2023 from the three fields, or about 25% of India’s indigenous production, which will help mitigate the country’s reliance on imported gas.
Notably, the projects are crucial parts of the companies’ plan to enhance domestic gas production to increase the share of natural gas in India’s energy basket to 15% by 2030 from the current 6.2%.
Company Profile & Price Performance
Headquartered in London, U.K., BP is a fully integrated energy company, with a strong focus on renewable energy. The company’s shares have underperformed the industry in the past three months. Its stock has gained 15.1% compared with the industry’s 28.3% growth.
Zacks Rank & Stocks to Consider
BP currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are Sprague Resources LP and Altus Midstream Company (ALTM - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and KLX Energy Services Holdings, Inc. (KLXE - Free Report) ,carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Sprague Resources’ 2020 earnings has been raised by 65.4%.
Altus Midstream is expected to see earnings growth of 364.4% in 2021, while KLX Energy Services is likely to see earnings growth of 71.7% next year.
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Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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BP And Reliance Begin Production in Asia's Deepest Gas Field
BP Plc (BP - Free Report) and its partner Reliance Industries Ltd (“RIL”) announced the beginning of natural gas production from the ultra-deep-water gas field — R Cluster — in block KG D6 along the east coast of India.
In the KG-D6 block, three deepwater gas fields are being developed by the companies that comprise R Cluster, Satellites Cluster and MJ. Of the three developments, R Cluster is the first to become operational. Importantly, the companies expect the three projects to meet 15% gas demand by the world’s second-most populous country by 2023. Investors should also know that in Asia, R Cluster is the deepest offshore gas field and is placed at a water depth of more than 2,000 meters.
Notably, the British energy giant holds a 33.33% participating interest in the block, while the remaining majority stakes are being owned by the operator RIL.
In 2021, the companies expect the R cluster field, situated 60 kilometers from the KG D6 Control & Riser Platform (“CRP”), to achieve plateau gas production of 12.9 million standard cubic meters per day (mmscm/d).
The company added that it expects the next project, the Satellites Cluster, to start production in 2021, following which the MJ project will be operational in 2022. Moreover, the companies expect an optimal gas production of nearly 30 mmscm/d by 2023 from the three fields, or about 25% of India’s indigenous production, which will help mitigate the country’s reliance on imported gas.
Notably, the projects are crucial parts of the companies’ plan to enhance domestic gas production to increase the share of natural gas in India’s energy basket to 15% by 2030 from the current 6.2%.
Company Profile & Price Performance
Headquartered in London, U.K., BP is a fully integrated energy company, with a strong focus on renewable energy. The company’s shares have underperformed the industry in the past three months. Its stock has gained 15.1% compared with the industry’s 28.3% growth.
Zacks Rank & Stocks to Consider
BP currently carries a Zack Rank #3 (Hold). Some better-ranked players in the energy space are Sprague Resources LP and Altus Midstream Company (ALTM - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy), and KLX Energy Services Holdings, Inc. (KLXE - Free Report) ,carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Sprague Resources’ 2020 earnings has been raised by 65.4%.
Altus Midstream is expected to see earnings growth of 364.4% in 2021, while KLX Energy Services is likely to see earnings growth of 71.7% next year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>