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Sinopec (SNP) Completes Weirong Field's Phase 1 Development

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China Petroleum & Chemical Corporation (SNP - Free Report) , also known as Sinopec, announced the completion of the first phase of development of Weirong gas field. The new shale play is located in southwestern Sichuan province.

Following the first phase of development, the integrated energy giant expects the field’s natural gas production capacity at 1 billion cubic meters (Bcm) every year. Notably, in late-2019, the field’s first phase of development started, under which the company completed drilling 56 wells with which eight drilling platforms are attached. At the deep shale gas field, the company announced that 124.7 Bcm of proved reserves have been tapped.

The company added that annual production capacity of the field will get boosted to 3 Bcm in 2022 once it proceeds to the project’s second phase of development. This will meet annual fuel consumption of 16 million households. Sinopec added that this winter, the field is meeting fuel demand of 7 million households with the daily gas production of 3.5 million cubic meters.

Currently, Sinopec, the biggest oil refiner in Asia, sports a Zacks Rank #1 (Strong Buy). Other prospective players in the energy space include Summit Midstream Partners, LP (SMLP - Free Report) , DCP Midstream, LP (DCP - Free Report) and HighPoint Resources Corporation . While Summit Midstream carries a Zacks Rank #2 (Buy), DCP Midstream and HighPoint sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Summit Midstream has seen upward earnings estimate revisions for 2020 earnings in the past seven days.

DCP Midstream has seen upward estimate revisions for 2020 earnings in the past 30 days.

HighPoint is likely to see earnings growth of 167.5% in 2020.

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