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.
TechnipFMC (FTI) JV Clinches Massive LNG Contract in Qatar
Read MoreHide Full Article
TechnipFMC Plc (FTI - Free Report) obtained a substantial Engineering, Procurement, Construction and Commissioning (“EPCC”) agreement from Qatar Petroleum for the expansion of phase one of its North Field East Project (“NFE”).
Qatar petroleum awarded the EPCC contract to CTJV, a joint venture between Japan-based construction engineering company Chiyoda Corporation and TechnipFMC’s wholly-owned subsidiary Technip Energies. Notably, the $28.7-billion contract is, so far, the largest single Liquefied Natural Gas (“LNG”) project to be authorized in the entire energy industry.
The project aims to manufacture 4 mega LNG trains, with a capacity of 8 million tonnes per annum (“MMTPA”) and associated facilities. These facilities will be utilized for gas treatment, natural gas liquids recovery, and to extract and refine helium within Ras Laffan Industrial City. Further, it includes a large CO2 capture and sequestration system, which helps reduce 25% of greenhouse gas emissions compared with similar LNG facilities. Also, it is in line with Qatar Petroleum’s aim to enhance the country’s LNG output by 40% per year by 2026.
The development of the project’s first phase will increase the LNG production capacity of Qatar Petroleum to 110 MMTPA from an initial capacity of 77 MMTPA. Beside this, it will produce condensate, liquefied petroleum gas (“LPG”), ethane, sulfur and helium, and is expected to reach a total production of 1.4 million barrels of oil equivalent per day. Notably, production is likely to begin in the fourth quarter of 2025.
The execution of the contract marks the beginning of the NFE Project construction and is an important milestone for Qatar Petroleum's road to development. This project will earn high profitability for the state of Qatar and will provide considerable advantages to all sectors of the Qatari economy. On its part, the EPCC contract awarded demonstrates Technip Energies’ ability to incorporate technologies toward low-carbon LNG and upholds its goal to boost the energy transition journey.
Company profile & Price Performance
TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions for the energy industry. It operates through three business segments — Subsea, Surface Technologies and Technip Energies.
Shares of the company have underperformed the industry in the past month. Its stock has declined 17.3% compared with the industry’s 1.6% decline.
Zacks Rank & Stocks to Consider
TechnipFMC currently carries a Zack Rank #4 (Sell).
Delek’s earnings for 2021 are expected to increase 40.4% year over year.
ConocoPhillips’s earnings for 2021 are expected to rise 29.7% year over year.
EcoPetrol’s earnings for 2021 are expected to increase 162.7% year over year.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Shutterstock
TechnipFMC (FTI) JV Clinches Massive LNG Contract in Qatar
TechnipFMC Plc (FTI - Free Report) obtained a substantial Engineering, Procurement, Construction and Commissioning (“EPCC”) agreement from Qatar Petroleum for the expansion of phase one of its North Field East Project (“NFE”).
Qatar petroleum awarded the EPCC contract to CTJV, a joint venture between Japan-based construction engineering company Chiyoda Corporation and TechnipFMC’s wholly-owned subsidiary Technip Energies. Notably, the $28.7-billion contract is, so far, the largest single Liquefied Natural Gas (“LNG”) project to be authorized in the entire energy industry.
The project aims to manufacture 4 mega LNG trains, with a capacity of 8 million tonnes per annum (“MMTPA”) and associated facilities. These facilities will be utilized for gas treatment, natural gas liquids recovery, and to extract and refine helium within Ras Laffan Industrial City. Further, it includes a large CO2 capture and sequestration system, which helps reduce 25% of greenhouse gas emissions compared with similar LNG facilities. Also, it is in line with Qatar Petroleum’s aim to enhance the country’s LNG output by 40% per year by 2026.
The development of the project’s first phase will increase the LNG production capacity of Qatar Petroleum to 110 MMTPA from an initial capacity of 77 MMTPA. Beside this, it will produce condensate, liquefied petroleum gas (“LPG”), ethane, sulfur and helium, and is expected to reach a total production of 1.4 million barrels of oil equivalent per day. Notably, production is likely to begin in the fourth quarter of 2025.
The execution of the contract marks the beginning of the NFE Project construction and is an important milestone for Qatar Petroleum's road to development. This project will earn high profitability for the state of Qatar and will provide considerable advantages to all sectors of the Qatari economy. On its part, the EPCC contract awarded demonstrates Technip Energies’ ability to incorporate technologies toward low-carbon LNG and upholds its goal to boost the energy transition journey.
Company profile & Price Performance
TechnipFMC is a leading manufacturer and supplier of products, services and fully-integrated technology solutions for the energy industry. It operates through three business segments — Subsea, Surface Technologies and Technip Energies.
Shares of the company have underperformed the industry in the past month. Its stock has declined 17.3% compared with the industry’s 1.6% decline.
Zacks Rank & Stocks to Consider
TechnipFMC currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy space are Delek Logistics Partners LP (DKL - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and ConocoPhillips (COP - Free Report) and EcoPetrol SA (EC - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Delek’s earnings for 2021 are expected to increase 40.4% year over year.
ConocoPhillips’s earnings for 2021 are expected to rise 29.7% year over year.
EcoPetrol’s earnings for 2021 are expected to increase 162.7% year over year.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>